Devonian Health Group Announces Proposed Listing on the NYSE American with Concurrent Underwritten Public Offering
Rhea-AI Summary
Devonian Health Group (TSXV:GSD, OTCQB:DVHGF) announced a proposed underwritten public offering of common shares (and/or pre-funded warrants) and warrants, together with an expected listing of its common shares and warrants on the NYSE American under the symbols DHGR and DHGRW, respectively. The listing remains subject to final authorization of the company's application and ongoing compliance with exchange rules, and the Offering is subject to market conditions and regulatory approval, with size and pricing yet to be determined.
According to Devonian, its shares are expected to continue trading on the OTCQB until pricing of the Offering, after which OTCQB trading will terminate once the NYSE American listing is effective. The company has also reserved the symbol DHGR on the TSX Venture Exchange and intends to change its current symbol from GSD to DHGR at a later date. ThinkEquity is acting as sole book-running manager, and a registration statement has been filed with the SEC but is not yet effective; no securities will be offered or sold to investors resident in Québec or elsewhere in Canada in connection with this Offering.
Positive
- Planned NYSE American listing for common shares (DHGR) and warrants (DHGRW)
- Underwritten public offering structure with ThinkEquity as sole book-running manager
- TSXV ticker alignment planned from GSD to reserved symbol DHGR
Negative
- Offering and NYSE American listing both subject to market and regulatory conditions
- No Canadian investors will be offered or sold securities in this Offering
- Registration statement not yet effective, so timing and terms remain uncertain
AI-generated analysis. How Rhea-AI works. Not financial advice.
The Company expects that its common shares will continue to be quoted on the OTCQB Venture Market until the pricing of the Offering. Upon listing on the NYSE American, trading of the common shares on the OTCQB will terminate. Shareholders of the Company do not need to take any action prior to the listing of shares on the NYSE American. The Company has also reserved the symbol "DHGR" on the TSX Venture Exchange (the "TSXV") and intends to request that its current trading symbol be changed at a later date from "GSD" to "DHGR".
ThinkEquity is acting as the sole book-running manager for the Offering.
A registration statement relating to the proposed Offering has been filed with the SEC but has not yet been declared effective. Securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement is declared effective by the SEC.
The proposed Offering will be made only by means of a prospectus. Copies of the preliminary prospectus contained in the registration statement may be obtained from ThinkEquity, 17 State Street, 41st Floor,
This communication does not constitute an offer, or a solicitation of an offer, to buy or sell any securities, investment or other specific product, or a solicitation of any vote or approval, nor shall there be any sale of securities, investment or other specific product in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No securities will be offered or sold to any investor resident in
About Devonian
Devonian Health Group Inc. is a clinical stage pharmaceutical company specializing in the development of drugs for various auto-immune fibroinflammatory disease with novel therapeutic approaches to targeting unmet medical needs. Devonian's core strategy is to develop prescription drugs for the treatment of fibroinflammatory autoimmune diseases including but not limited to atopic dermatitis, radiodermatitis and ulcerative colitis.
Devonian Health Group Inc. was incorporated in 2015 and is headquartered in Quebec, Canada where it owns a state-of-the-art extraction facility. Devonian is traded publicly on the TSXV (TSXV: GSD) and currently quoted on the OTCQB Venture Market (OTCQB: DVHGF).
Cautionary Note Regarding Forward-Looking Statements
All statements, other than statements of historical fact contained in this press release, including but not limited to those relating to the anticipated listing on the NYSE American and concurrent underwritten public offering and the proposed NYSE American and proposed change to the TSXV ticker symbols, and, generally, the statements contained under the "About Devonian" section, constitute "forward-looking information" or "forward-looking statements" within the meaning of applicable securities laws (collectively, "forward-looking statements"). These forward-looking statements are based on the Company's current expectations, estimates and assumptions as of the date of this press release. Such forward-looking statements may be identified by the use of words such as "anticipates," "believes," "expects," "intends," "plans," "may," "could," "would," "should," "will," or similar expressions, including negative or grammatical variations thereof, indicating that certain actions, events or results may, could or will occur or be achieved.
By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. Forward-looking statements are provided for the purpose of providing information about management's expectations and plans relating to the future. Readers are cautioned not to place undue reliance on these forward-looking statements as a number of important risk factors and future events could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed in such forward-looking statements. All of the forward-looking statements made in this press release are qualified by these cautionary statements and those made in the Company's other filings with the applicable securities regulators of Canada and in the "Risk Factors" section in the prospectus related to the Offering filed with the SEC. The Company disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
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SOURCE Devonian Health Group Inc.