Nabis Holdings Inc. Completes Recapitalization

Nachrichtenquelle: globenewswire
27.01.2021, 01:23  |  368   |   |   

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

VANCOUVER, British Columbia, Jan. 26, 2021 (GLOBE NEWSWIRE) -- Nabis Holdings Inc. (CSE: NAB) (OTC: NABIF) (FRA: A2PL) ("Nabis" or the "Company") today announced that it has completed its previously announced proposal (the "Proposal") under the Bankruptcy and Insolvency Act (Canada), pursuant to which the Company implemented a recapitalization of its previously outstanding CDN$35 million principal amount of 8.0% unsecured convertible debentures (the "Debentures") and all other prior debts of the Company (the "Recapitalization").

Upon implementation of the Proposal, (i) all existing equity claims in the Company were irrevocably and finally extinguished; and (ii) in full and final satisfaction of all claims of Nabis' creditors, which were irrevocably and finally extinguished, the Company issued an aggregate of 3,700,000 new common shares in the capital of the Company ("New Common Shares") and an aggregate principal amount of CDN$23 million new 5.3% senior unsecured notes due 2023 ("New Unsecured Notes") on the terms set out in the Proposal.

The Debentures previously posted for trading on the Canadian Securities Exchange (the "CSE") under the ticker symbol "NAB.DB" and the Company's warrants previously posted for trading on the CSE under the ticker symbol "NAB.WT" were both cancelled pursuant to the Proposal and were delisted from the CSE as of close of markets today. The Company's previously outstanding common shares that were cancelled pursuant to the Proposal were delisted and concurrently the New Common Shares were listed under a new CUSIP on the CSE, each effective as of close of markets today. The New Unsecured Notes will begin trading on the CSE on January 27, 2021 under the ticker symbol "NAB. NT".

In connection with the implementation of the Proposal, all of the prior directors of Nabis were deemed to have resigned, and have been replaced with each of Bruce Langstaff, Jennifer Law, Scott Kelly and Jared Carroll. Nicole Rusaw has agreed to remain as a consultant to the Company.

Important Reminder Regarding Certification Deadline

As an important reminder, the Company and the Consenting Debentureholders (as defined in the Proposal) have set March 1, 2021 as the deadline (the "Certification Deadline") for all holders of Debentures ("Debentureholders") and all other creditors to receive consideration under the Proposal (other than Convenience Creditors (as defined in the Proposal)) (collectively with the Debentureholders, the "Debtholders") to certify as to their eligibility to receive their pro rata share of New Common Shares and New Unsecured Notes. Debtholders who are not eligible to receive the New Common Shares and New Unsecured Notes or who fail to certify as to their eligibility to receive the New Common Shares and New Unsecured Notes by the Certification Deadline will receive the net cash proceeds, if any ("Net Cash Proceeds"), realized from the sale of their pro rata share of New Common Shares and New Unsecured Notes on the CSE or such other exchange on which the New Common Shares and New Unsecured Notes are listed and posted for trading, conducted by a selling agent (the "Selling Agent") to be appointed by the Company. Important instructions for Debtholders to receive securities pursuant to the Proposal are contained in the Company’s news release dated January 21, 2021.

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Nabis Holdings Inc. Completes Recapitalization NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES VANCOUVER, British Columbia, Jan. 26, 2021 (GLOBE NEWSWIRE) - Nabis Holdings Inc. (CSE: NAB) (OTC: NABIF) (FRA: A2PL) ("Nabis" or the "Company") today announced …

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