Examples of Envoy Shares in a sentence
Assuming the full subscription of the Private Placement, it is expected that the former owners of the Merus Shares will own approximately 49% of Amalco’s issued and outstanding shares on an undiluted basis and the former owners of Envoy Shares will own approximately 51% of Amalco’s issued and outstanding shares on an undiluted basis.
The percentage is based on 8,028,377 Envoy Shares issued and outstanding as of November 10, 2011.
As such, Envoy is requesting that its shareholders approve a consolidation of the Envoy Shares, which will only be effected if required to meet NASDAQ’s requirements.Envoy wishes to have the ability to consolidate the issued and outstanding Envoy Shares on the ratio of one (1) new share for up to three (3) old shares, if considered necessary or advisable by the Envoy Board, with the actual consolidation ratio to be determined by the Envoy Board.
THE CONSOLIDATIONIn connection with Amalco’s listing on NASDAQ, Envoy may have to consolidate the Envoy Shares to meet the requirements of NASDAQ.
To consolidate the Envoy Shares, the articles of Envoy must be amended.
On November 8, 2011, the closing price for Merus Shares was $0.52 per share and the closing price for Envoy Shares was $2.15 per share.
On November 10, 2011, there were 8,028,377 issued and outstanding Envoy Shares and an aggregate of up to 750,000 Envoy Shares were issuable upon the exercise of 750,000 Envoy Options.If the Private Placement is subscribed in full, Envoy will issue an additional 4,500,000 Envoy Shares and 2,250,000 Envoy Warrants, which are exercisable into 2,250,000 Envoy Shares.
Only Envoy Shareholders whose names have been entered in the respective register of Envoy Shares on the close of business on the Record Date will be entitled to receive notice of and to vote at the Meeting.
The Envoy Board unanimously recommends that the Envoy Shareholders vote in favour of the Continuation.The ConsolidationPrior to the Arrangement, Envoy may consolidate the Envoy Shares on the basis of one new Envoy Share for up to three old Envoy Shares, with the actual consolidation ratio to be determined by the board of directors of Envoy.
The information as to Envoy Shares beneficially owned or over which the above-named individuals exercise control or direct and the foregoing information is not within the knowledge of Envoy and has been furnished by each of those named above nominees individually.