Welcome to our dedicated page for Kwesst Micro Sys news (Ticker: KWE), a resource for investors and traders seeking the latest updates and insights on Kwesst Micro Sys stock.
KWESST Micro Systems Inc. (KWE) specializes in advanced tactical solutions for military and security applications. This page serves as the definitive source for official company announcements, operational developments, and strategic updates.
Access timely updates on KWE's innovative defense technologies including digital situational awareness systems, non-lethal countermeasures, and government contract milestones. Our curated news collection provides investors and industry professionals with essential insights into product launches, strategic partnerships, and regulatory developments impacting the company's trajectory.
Key updates include developments in tactical digitization platforms, new contract awards with defense agencies, and advancements in counter-drone technologies. All content is verified from primary sources to ensure accuracy and relevance for stakeholders monitoring this specialized sector.
Bookmark this page for streamlined access to KWE's evolving position in defense technology. Check regularly for updates on systems deployment, R&D breakthroughs, and operational milestones critical to understanding the company's market performance.
KWESST Micro Systems has completed its volume production ramp-up for ARWEN cartridges through outsourcing to a Canadian ammunition manufacturer. The company has successfully completed characterization testing of its new 40mm baton round, expanding beyond its historical 37mm cartridge offering. The company is currently shipping evaluation quantities to agencies in the U.S. and Canada.
Additionally, KWESST's subsidiary has secured a receivables facility agreement with a US-based global financing company, providing up to $250,000 CAD in funding. The facility advances 80% upfront with a 2.5% rate for the first thirty days and 1% for each subsequent ten days, to 20% of the funded receivable value.
KWESST Micro Systems Inc. (NASDAQ: KWE) (TSXV: KWE) has announced a 10-to-1 share consolidation effective October 23, 2024. The consolidation, approved by the TSX Venture Exchange, will reduce the company's outstanding shares from 15,791,742 to approximately 1,579,174. No fractional shares will be issued, with fractions rounded up or down as appropriate. The company's name and trading symbol remain unchanged, but new CUSIP and ISIN numbers have been assigned.
The consolidation will not affect the number of outstanding share purchase warrants, but their exercise terms will be adjusted proportionally. After consolidation, ten warrants will be required to purchase one post-consolidation share at an exercise price of US$50.00. The company believes this move will ensure continued compliance with Nasdaq's minimum bid price requirements.
KWESST Micro Systems Inc. (NASDAQ: KWE) (NASDAQ: KWESW) (TSXV: KWE) has announced a proposed share consolidation plan. The company's board of directors has authorized a 10-to-1 share consolidation, subject to TSX Venture Exchange approval. This move aims to ensure continued compliance with NASDAQ Stock Market minimum bid price requirements.
As a result of this decision, KWESST has opted not to hold its previously planned special meeting of shareholders, which was intended to seek approval for a consolidation on a greater basis. Currently, there are 15,791,742 shares issued and outstanding. If the consolidation is implemented, the total number of shares would be reduced to approximately 1,579,174, subject to adjustments for rounding.
KWESST Micro Systems Inc. (NASDAQ: KWE) (TSXV: KWE) has provided an update on its sub-contract with Thales Canada for the Canadian Department of National Defence's Land C4ISR program. The company has deployed five full-time engineers and is staffing an additional 11 positions, with a current demand for 16 full-time technical positions. KWESST expects further staffing increases as future tasks are received.
The sub-contract has a maximum workshare of approximately CAD $48 million over the initial six-year term. Sean Homuth, KWESST's President and CEO, highlighted the urgency of the work and the trust developed with Thales. He also noted that this project drives skills development for delivering defence-grade solutions to law enforcement and first responders through KWESST Lightning™.
KWESST Micro Systems Inc. (NASDAQ: KWE) (NASDAQ: KWESW) (TSXV: KWE) has postponed its special meeting of shareholders regarding the proposed consolidation of the company's share capital. The meeting will now reconvene on October 7, 2024, at 3:00 p.m. (Eastern time).
The postponement aims to provide additional time for shareholders to vote, as nearly 75% of votes remain outstanding. KWESST continues to recommend shareholders vote FOR the resolution approving the Consolidation to ensure compliance with NASDAQ minimum bid price requirements.
The record date for eligible voters remains August 22, 2024. The deadline for returning completed proxies or voting instruction forms has been extended to October 4, 2024, at 3:00 p.m. (Eastern time). Shareholders who have already voted in support do not need to take further action.
KWESST Micro Systems Inc. (NASDAQ: KWE) (TSXV: KWE) held its 2024 Annual and Special Meeting of shareholders on August 26, 2024. Shareholders approved all resolutions outlined in the July 16, 2024 management information circular, including:
- Setting the number of Directors at seven
- Electing all nominated Board of Directors members
- Appointing MNP LLP as the company's auditor
- Approving the amended long-term incentive plan
The company welcomed new directors Sean Homuth (President and CEO) and Jennifer Walsh (CPA), while thanking outgoing director John McCoach for his service since the company's inception.
KWESST Micro Systems Inc. (TSXV: KWE) (NASDAQ: KWE) announced its Q3 2024 financial results, highlighting a 119% increase in revenue compared to the same period last year. Key metrics include:
- Revenue growth driven by the DSEF government contract
- Land C4ISR sub-contract awarded and work commenced in June 2024
- 69% reduction in Q3 sales and marketing expenses
- 39% reduction in YTD cash used in operations
The company's Q3 operating loss decreased by 26%, while YTD operating loss increased by 1%. KWESST expects revenue to increase with the commercial launch of KWESST Lightning™ in early 2025 and future orders for new ARWEN 40mm ammunition and PARA OPS products.
KWESST Micro Systems Inc. (NASDAQ: KWE) (TSXV: KWE) has closed its registered direct offering of 4,715,000 common shares at $0.20 per share, raising gross proceeds of approximately $943,000. The company also issued unregistered warrants to purchase up to 4,715,000 common shares at $0.25 per share in a concurrent private placement. These warrants are immediately exercisable and will expire in five years. H.C. Wainwright & Co. acted as the exclusive placement agent for the offering. KWESST plans to use the net proceeds for working capital and general corporate purposes. The common shares were offered under a shelf registration statement, while the warrants were offered in a private placement under Section 4(a)(2) of the Securities Act.
KWESST Micro Systems Inc. (NASDAQ: KWE) (TSXV: KWE) has announced a registered direct offering of 4,715,000 common shares at US$0.20 per share. Concurrently, the company will issue unregistered warrants to purchase up to 4,715,000 common shares at US$0.25 per share, exercisable immediately and expiring in five years. The offering, expected to close around August 13, 2024, aims to raise US$943,000 in gross proceeds. H.C. Wainwright & Co. is the exclusive placement agent. KWESST intends to use the net proceeds for working capital and general corporate purposes. The common shares are offered under a shelf registration statement, while the warrants are offered in a private placement under Section 4(a)(2) of the Securities Act.
KWESST Micro Systems Inc. (NASDAQ: KWE) has made significant progress in its law enforcement technology offerings. A G7 capital city police service has received three T-SAS™ systems and agreed to a free trial of KWESST Lightning™. These systems enhance situational awareness and communication during critical incidents.
T-SAS™ streams secure-encrypted networked video from various sources, while KWESST Lightning™ provides a cloud-based platform for real-time data sharing. Both incorporate TAK (Team Awareness Kit) technology. The trial, initially deployed to a tactical unit, aims to gather user feedback for the commercial version.
KWESST plans to offer Lightning™ as a SaaS subscription for smart devices. The company sees potential applications in managing emergencies like the 2014 War Memorial Shooting and the 2022 Trucker Convoy protest in Ottawa.
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