Baylin Technologies Announces Acceleration of Warrant Expiry Date
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Warrant Acceleration Could Result in Gross Proceeds to Baylin of $3.5 Million
Baylin Technologies Inc. (TSX:BYL.TO) (the "Company"), a leading diversified global wireless technology company, announces that it has elected to exercise its right under the Common Share Purchase Warrant Indenture (the "Warrant Indenture") dated December 15, 2020 between the Company and Computershare Trust Company of Canada to accelerate the expiry date of the common share purchase warrants (the "Warrants") issued under the Warrant Indenture.
Under the Warrant Indenture, the Company has the right to accelerate the expiry date of the Warrants to a date that is 30 days after delivery of a notice (the "Acceleration Notice") to the holders of Warrants confirming that the closing price of the Company's common shares on the Toronto Stock Exchange has been equal to or higher than $1.40 for a period of 20 consecutive trading days. The Company has delivered the Acceleration Notice as required by the Warrant Indenture.
The Warrants will now expire at 4:30 pm (Toronto time) on March 25, 2021. Warrants that have not been exercised by then will automatically be void and cease to have any effect.
Each whole Warrant entitles the holder to purchase one common share of the Company at a price of $1.05. If all the Warrants are exercised, the gross proceeds to the Company will be approximately $3.5 million.
The common shares issuable on exercise of the Warrants remain subject to resale restrictions until April 16, 2021.
Baylin Technologies Inc. is a leading, diversified global wireless technology company. Baylin focuses on research, design, development, manufacturing and sales of passive and active radio frequency products and services. Baylin aspires to meet its customers' needs and anticipate the direction of the market. For further information, please visit www.baylintech.com.
SOURCE Baylin Technologies Inc.
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SOURCE: Baylin Technologies Inc.
Investor Relations: Kelly Myles, Marketing and Communications Director, Baylin Technologies Inc., email@example.com