TORONTO, Dec. 07, 2022 (GLOBE NEWSWIRE) -- Medivolve Inc. ("Medivolve" or the "Company") (NEO: MEDV; OTC: MEDVF; FRA: 4NC) will consolidate its common shares on the basis of one new common share for every fifteen common shares outstanding effective as of December 8, 2022 (the "Consolidation"). Medivolve's common shares are expected to commence trading on the NEO on a post-Consolidation basis when markets open on December 8, 2022, under the new CUSIP number 58503M408.
Medivolve currently has 405,288,865 common shares outstanding and, following the Consolidation on a fifteen for one basis, will have approximately 27,019,257 common shares outstanding. No fractional shares will be issued pursuant to the Consolidation; fractional shares will be disregarded and cancelled without any payment of capital or other compensation. The exercise or conversion price and the number of shares issuable under any of Medivolve's outstanding convertible securities will be proportionately adjusted upon completion of the Consolidation. Other than as described above, the change in the number of issued and outstanding common shares that will result from the Consolidation will not materially affect any shareholder's percentage ownership in Medivolve, although such ownership would be represented by a smaller number of common shares.
A letter of transmittal will be sent by mail to shareholders advising that the Consolidation has taken effect and instructing shareholders to surrender the certificates evidencing their common shares for replacement certificates representing the number of common shares to which they are entitled as a result of the Consolidation. Until surrendered, each certificate will be deemed for all purposes to represent the number of common shares to which the holder thereof is entitled as a result of the Consolidation.
The Consolidation was approved by the shareholders of Medivolve at the annual general and special meeting held on June 15, 2022. Further details regarding the Consolidation are contained in the Company's information circular dated May 16, 2022, which has been filed under the Company's profile on SEDAR at www.sedar.com.
About Medivolve
Medivolve (NEO: MEDV; OTC: COPRF; FRA: 4NC) is a healthcare technology company that seeks to reinvent the US healthcare system by leveraging a bespoke telehealth platform, a clinical diagnostic network, and a data-driven AI framework to improve patient care.
The Company was born out of the healthcare crisis; to rethink, relearn and ultimately, reimagine a better way for the healthcare system to operate. Our network of retail collection sites play an important role in recovery by giving Americans access to fast, accurate, and inexpensive clinical services when and where they need it. These centers will also play a pivotal role in diagnostic testing, vaccinations, and other point-of-care services. We are building disruptive technologies to make it easier and faster to identify, treat, and prevent medical issues. In doing so, we are working to give patients a holistic and empowered view of their personal health.
Our long-term mission is to address systemic issues in the nation's fragmented, overly complex, and expensive healthcare system. Medivolve's next phase of growth is about pivoting the model and putting the pieces together to build a profitable health-tech company. We are developing a singular, streamlined technology network to provide data-driven physician consultations, clinical diagnostics, and prescription services. Our team is united by a powerful, singular purpose: harnessing the transformative power of technology to create healthier lives.
Underpinned by a bespoke, AI-driven platform, we're developing a system that constantly gets smarter, takes the guesswork out of diagnostics, and flags critical health issues to help physicians, delivering a high level of personalization for each patient.
For investing inquiries, please contact: David Preiner, info@medivolve.ca, 702-990-3737.
Cautionary Note Regarding Forward-looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements regarding the effective date of the Consolidation, the date on which Medivolve's shares will commence trading on the NEO on a post-Consolidation basis, and the Company's future plans. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, political and social uncertainties; accidents, labour disputes and shortages and other risks of the healthcare industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
