Byrna Technologies Inc. (OTCQB: BYRN) (CSE: BYRN) today announces that the Company’s Board of Directors has determined to complete a reverse stock split (also referred to as a consolidation) of the Company’s issued shares of common stock on the basis of one (1) post-consolidation common share for every ten (10) pre-consolidation shares of common stock (the “consolidation” or the “reverse stock split”).
The Board of Directors determined the reverse stock split is necessary in order for the Company to meet certain requirements for listing on a national exchange.
“This reverse split is an important step in our growth,” stated CEO Bryan Ganz. “Listing our shares on a national exchange will provide Byrna with greater exposure and visibility to the market, and provide investors with greater liquidity and ultimately, we believe, greater shareholder value.”
Effective April 27, 2021, with a record date April 28, 2021, the Company expects to begin trading the shares on the Canadian Securities Exchange and the OTCQB on a post-consolidation basis under its existing name and ticker symbol. The new CUSIP and ISIN for the Shares are 12448X 201 and US12448X2018, respectively.
The Company currently has 205,629,938 shares of common stock issued and outstanding shares of common stock and on completion of the reverse stock split there are expected to be 20,562,993 issued and outstanding shares of common stock (assuming there are no issuances of shares upon the exercise of convertible securities). The Company will pay stockholders entitled to fractional shares fair value in cash in lieu of issuing fractional shares. The Company will not change its name or ticker symbol in connection with the reverse stock split.
Stockholder approval of the reverse stock split was obtained at the Company’s annual and special meeting held on November 19, 2020.
A letter of transmittal will be mailed to registered stockholders providing instructions to surrender the certificates evidencing the pre-consolidation shares held in exchange for replacement certificates or Direct Registration Advice representing the number of post-consolidation shares to which they are entitled as a result of the reverse stock split. Until surrendered, each certificate representing pre-consolidation shares will be deemed for all purposes to represent the number of whole post-consolidation shares to which the holder thereof is entitled because of the reverse stock split. Stockholders who hold their pre-consolidation shares in brokerage accounts or in “street name” are not required to take any action to surrender or exchange the pre-consolidation shares so held.
About Byrna Technologies Inc.
Byrna is a technology company, specializing in the development, manufacture, and sale of innovative non-lethal solutions. For more information on the Company, please visit the corporate website here or the Company’s investor relations site here. The Company is the manufacturer of the Byrna® HD personal security device, a state of the art handheld CO2 powered launcher designed to provide a non-lethal alternative to a firearm for the consumer, private security, and law enforcement markets. To purchase Byrna® products visit the Company’s e-commerce store.
