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Water Ways Announces Effective Date of Share Consolidation and Provides Corporate Update
GlobeNewswire News Room· 2025-08-15 21:00
Core Points - Water Ways Technologies Inc. has received final acceptance from the TSX Venture Exchange for the consolidation of its outstanding common shares at a ratio of one post-consolidation share for every ten pre-consolidation shares [1][2] - The total number of issued and outstanding common shares will decrease from approximately 148,785,346 to about 14,878,537 following the consolidation, effective August 21, 2025 [2] - The company will continue to trade under the symbol "WWT" on the TSXV, with new CUSIP and ISIN numbers assigned [3] Shareholder Information - Shareholders of record as of the effective date will receive a letter of transmittal from Computershare Trust Company with instructions for exchanging their existing certificates for post-consolidation shares [4] - Beneficial shareholders holding shares through intermediaries should contact their brokers or financial institutions for information on the consolidation process [5] Strategic Update - Water Ways is undergoing a strategic shift towards the Canadian market, having filed an application to cease operations of its Israeli subsidiary, Irri-Al-Tal Ltd., which is not expected to impact the company's revenues significantly [6] - The liquidation process for Irri-Al-Tal Ltd. is anticipated to take approximately three years, longer than the initially expected five to twelve months due to delays in collecting amounts owed by international customers [7] Company Overview - Water Ways Technologies Inc. is a Canadian provider of Israeli-based agriculture technology, focusing on water irrigation solutions for agricultural producers in Canada and the USA [8] - The company is capitalizing on opportunities in micro and smart irrigation, with projects including vineyards, blueberries, and fresh produce cooling rooms [8]
Water Ways Seeks Shareholder Approval for Potential Share Consolidation
Globenewswire· 2025-06-18 21:00
Core Viewpoint - Water Ways Technologies Inc. is proposing a share consolidation at a ratio of up to ten pre-Consolidation Common Shares for one post-Consolidation Common Share, subject to shareholder approval at a special meeting scheduled for July 14, 2025 [1][2]. Group 1: Share Consolidation Details - The Board seeks authority to implement the consolidation when deemed appropriate to enhance the capital structure and attract a broader pool of investors [2]. - Currently, there are 148,785,346 Common Shares outstanding, which would reduce to approximately 14,878,537 Common Shares post-Consolidation if approved [3]. - No fractional Common Shares will be issued, and no cash will be paid for fractional shares resulting from the consolidation [3]. Group 2: Trading and Adjustments - Post-Consolidation, the Common Shares will continue to trade on the TSX Venture Exchange under the symbol "WWT," and the company's name will remain unchanged [4]. - The exercise or conversion price and the number of Common Shares under outstanding warrants and stock options will be proportionately adjusted to reflect the consolidation [4]. Group 3: Previous Attempts and Regulatory Approval - The company had previously announced a proposed share consolidation in December 2024, which received shareholder approval but was not implemented, leading to the lapse of that approval [6]. - The consolidation is subject to prior approval from the Exchange and shareholders [5]. Group 4: Company Overview - Water Ways Technologies Inc. is a Canadian provider of Israeli-based agriculture technology, focusing on water irrigation solutions for agricultural producers in Canada and the USA [8]. - The company is capitalizing on opportunities in micro and smart irrigation, with projects including vineyards and fresh produce cooling rooms [8].