Aduro Clean Technologies Announces Effective Date for Share Consolidation and Conversion of Class B Special Warrants
Rhea-AI Summary
Aduro Clean Technologies Inc. (CSE: ACT) (OTCQX: ACTHF) (FSE: 9D50) has announced a 3.25-to-1 share consolidation effective August 20, 2024. The company's issued and outstanding shares will decrease from 88,316,467 to approximately 27,174,297. The stock symbol remains 'ACT' with a new CUSIP number 007408206.
Additionally, Aduro has converted its Class B Special Warrants, resulting in the issuance of 4,102,563 post-consolidation shares. This conversion follows the achievement of the Second Milestone in the Securities Exchange Agreement with Aduro Energy Inc.
Aduro Clean Technologies specializes in water-based technologies for recycling waste plastics, converting heavy crude and bitumen, and transforming renewable oils into higher-value fuels or chemicals. Their Hydrochemolytic™ technology operates at relatively low temperatures and costs, aiming to convert low-value feedstocks into valuable resources.
Positive
- Share consolidation may improve stock liquidity and attract institutional investors
- Conversion of Class B Special Warrants indicates achievement of business milestones
- Proprietary Hydrochemolytic™ technology offers potential for efficient resource conversion
Negative
- Share consolidation reduces total number of outstanding shares, potentially affecting shareholder positions
- Issuance of new shares from warrant conversion may lead to dilution of existing shareholders' stakes
LONDON, Ontario, Aug. 16, 2024 (GLOBE NEWSWIRE) -- Aduro Clean Technologies Inc. (“Aduro” or the “Company”) (CSE: ACT) (OTCQX: ACTHF) (FSE: 9D50), a Canadian technology company using the power of chemistry to transform lower value feedstocks, like waste plastics, heavy bitumen, and renewable oils, into resources for the 21st century, announces that it intends to consolidate the common shares of the Company (each, a “Share”) on the basis of three and one quarter (3.25) pre-consolidation Shares for one (1) post-consolidation Share (the “Consolidation”). The Consolidation will become effective at the opening of the market on August 20, 2024. The symbol “ACT” will remain the same. The new CUSIP number is 007408206.
Currently, a total of 88,316,467 Shares are issued and outstanding. Accordingly, upon the Consolidation becoming effective, a total of 27,174,297 Shares, subject to adjustments for rounding, will be issued and outstanding. There is no maximum number of authorized Shares. Computershare Investor Services Inc. will mail out a Letter of Transmittal to the shareholders of record on August 20, 2024, providing instructions on exchanging pre-Consolidation share certificates for post-Consolidation share certificates. Shareholders are encouraged to send their share certificates, together with their Letter of Transmittal, to Computershare Investor Services Inc. in accordance with the instructions in the Letter of Transmittal.
The Company also announces the conversion of the Class B Special Warrants upon meeting the Second Milestone in the Securities Exchange Agreement between the Company and Aduro Energy Inc. dated October 22, 2020, as amended. As a result of the conversion, the Company issued an aggregate of 4,102,563 post-Consolidation Shares.
About Aduro Clean Technologies
Aduro Clean Technologies is a developer of patented water-based technologies to chemically recycle waste plastics; convert heavy crude and bitumen into lighter, more valuable oil; and transform renewable oils into higher-value fuels or renewable chemicals. The Company’s Hydrochemolytic™ technology relies on water as a critical agent in a chemistry platform that operates at relatively low temperatures and cost, a game-changing approach that converts low-value feedstocks into resources for the 21st century.
For further information, please contact:
Ofer Vicus, CEO
ovicus@adurocleantech.com
Abe Dyck, Investor Relations
ir@adurocleantech.com
+1 226 784 8889
KCSA Strategic Communications
Jack Perkins, Vice President
aduro@kcsa.com
Forward-Looking Statements
This news release contains forward-looking statements. All statements, other than statements of historical fact that address activities, events, or developments that the Company believes, expects, or anticipates will or may occur in the future, are forward-looking statements. The forward-looking statements reflect management’s current expectations based on information currently available and are subject to a number of risks and uncertainties that may cause outcomes to differ materially from those discussed in the forward-looking statements. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance, and, accordingly, undue reliance should not be put on such statements due to their inherent uncertainty. Important factors that could cause actual results to differ materially from the Company’s expectations include adverse market conditions and other factors beyond the control of the parties. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether because of new information, future events, or otherwise, except as required by applicable law.
The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f3d15b3a-d0bb-4c63-9352-4390bd91f660
FAQ
What is the share consolidation ratio announced by Aduro Clean Technologies (ACTHF)?
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What is the new CUSIP number for Aduro Clean Technologies (ACTHF) following the share consolidation?
How many shares did Aduro Clean Technologies (ACTHF) issue from the conversion of Class B Special Warrants?
