NEXE Innovations has received warrant holder approval to amend, among other things, the exercise price and expiry date of its 2021 Warrants.
VANCOUVER, BC, April 10, 2023 /PRNewswire/ - NEXE Innovations Inc. ("NEXE" or the "Company") (TSXV: NEXE) (Frankfurt: NX5) (OTC: NEXNF), a compostable and innovative materials company, is pleased to announce that further to its news release dated March 20, 2023, it has received the approval of holders ("Warrantholders") holding approximately 71.5% of its outstanding warrants issued on April 9, 2021 (the "Warrants") to the amendment of certain terms of the Warrants (the "Amendments").
The Warrants have been amended such that the exercise price of the Warrants has been revised from $2.50 to $0.65 per share and the expiry date extended from April 9, 2023 to April 9, 2024. The terms of the Warrants have also been amended to include a mandatory acceleration provision (the "Acceleration Provision") as required under the policies of the TSX Venture Exchange (the "TSXV") pursuant to which, if for any ten consecutive trading days (the "Premium Trading Days") following the date hereof, the closing price of the Company's common shares on the TSXV exceeds $0.78, the expiry date of Warrants will be accelerated such that holders will have 30 calendar days to exercise the Warrants (if they have not first expired in the normal course). The Company will announce any acceleration of the expiry date by press release and the 30-day period will commence seven days after the last Premium Trading Day. The Company would like to clarify that while it had previously announced that the trigger price for the Acceleration Provision would be $0.8125 and the trigger price approved by Warrantholders was reduced to $0.78 to comply with TSXV requirements.
Effective April 9, 2023, the Company entered into a supplemental indenture to effect the Amendments with TSX Trust (the "Warrant Agent"), as warrant agent, to the warrant indenture governing the Warrants dated April 9, 2021 between the Company and the Warrant Agent.
About NEXE Innovations Inc.
NEXE Innovations Inc. is a leader in innovative compostable materials technology based in British Columbia, Canada. The first product developed by NEXE Innovations is one of the only patented, fully-compostable, single-serve coffee pods for use in existing major single-serve coffee machines.
For more information about NEXE Innovations' compostable materials and how it is well-positioned to meet the growing demand for environmentally friendly and sustainable products, visit www.nexeinnovations.com and follow us on social media @nexeinnovations.
On behalf of the Company:
Ash Guglani
President & Director
For investor relations contact:
Kam Mangat
VP, Investor Relations & Corporate Strategy
invest@nexeinnovations.com
Office +1-604-359-4725
Mobile +1-604-359-4742
For media relations contact: media@nexeinnovations.com
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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SOURCE Nexe Innovations Inc.
