Looking Glass Labs Ltd. (LGL) has announced its plans to consolidate all of its issued and outstanding common shares. The consolidation will involve combining every seventy-five pre-consolidation shares into one post-consolidation share.
The effective date of the consolidation is expected to be around October 6, 2023, and the trading of the common shares on a post-consolidation basis will continue on the NEO Exchange. The company’s name and trading symbol will remain unchanged.
The consolidation will significantly reduce the number of issued and outstanding common shares, reducing them from 148,937,668 pre-consolidation shares to approximately 1,985,835 post-consolidation shares. This consolidation will also result in the adjustment of the exercise or conversion price of warrants and stock options.
It is important to note that no fractional shares will be issued as part of the consolidation. Any fractions of common shares will be rounded down to the next whole number, and no cash consideration will be provided for these fractional shares. The completion of the consolidation is subject to regulatory approvals, including the approval of the NEO Exchange.
Looking Glass Labs is a company headquartered in Vancouver, British Columbia. It specializes in consumer engagement applications that leverage immersive metaverse environments, gamification, and Web 3.0/blockchain monetization strategies.
For further information, interested parties can contact Dorian Banks, the Chief Executive Officer of Looking Glass Labs, through the provided phone number or email address. Additionally, Novum Securities Limited serves as the AQSE Corporate Adviser for the company.
This announcement contains forward-looking statements. These statements are predictions and include beliefs, plans, expectations, or intentions regarding the future. The company’s forward-looking statements include its goal of becoming a leading digital studio specializing in NFT architecture, immersive metaverse design, and virtual asset display monetization streams. It also aims to build a portfolio of perpetual NFT royalty streams through collaborations and acquisitions.
The material assumptions supporting these forward-looking statements include the company’s ability to compete in the NFT market, secure sufficient funding, and complete the development of its projects in a timely manner. However, these assumptions may prove to be incorrect, and the actual results may differ from those predicted.
The company faces risks and uncertainties, including the potential negative changes in the economic and business conditions, the acceptance of its offerings by consumers, and the availability of financing. The volatility and risks associated with the blockchain and NFT industry are also important considerations.
Interested parties can find more information about the company’s business risks in its disclosure materials, including reports filed with Canadian securities regulators.
Looking Glass Labs is confident in the reasonableness of its assumptions, but there is no assurance that the beliefs, plans, expectations, or intentions will prove accurate. The company will not be liable for the disclosure regarding any other mentioned company.
In conclusion, Looking Glass Labs Ltd. is consolidating its issued and outstanding common shares. The company aims to continue its presence in the NFT market and leverage immersive metaverse environments for consumer engagement applications. Interested parties can access further information through the provided contact details.
