Bragg Gaming Announces Share Consolidation
Global B2B gaming technology provider Bragg Gaming Group (TSX:BRAG, OTC: BRGGF) ("Bragg" or the "Company") is pleased to announce that, in connection with the potential additional listing of the common shares in the capital of the Company ("Common Shares") on the Nasdaq, and as approved by the shareholders of the Company at the annual and special meeting of shareholders held on April 28, 2021, the Company is implementing a consolidation (reverse stock split) of the Common Shares ("Consolidation"). The board of directors has determined that the Consolidation will be on the basis of one post-Consolidation Common Share for every ten pre-Consolidation Common Shares (1-for-10).
“The share consolidation is an important step in our U.S. expansion strategy,” said Adam Arviv, Interim CEO of Bragg Gaming. “It allows Bragg to list on the Nasdaq, which in turn provides the Company with increased flexibility, enhanced liquidity and a higher profile with potential investors. We’re pleased that the shareholders shared our vision.”
The Common Shares are expected to commence trading on the Toronto Stock Exchange on a post-Consolidation basis at the open of trading on May 5, 2021.
Registered shareholders holding share certificates will be mailed a letter of transmittal advising of the Consolidation and instructing them to surrender their share certificates representing pre-Consolidation Common Shares for replacement certificates or a direct registration advice representing their post-Consolidation Common Shares. Until surrendered for exchange, following the effective date of the Consolidation, each share certificate formerly representing pre-Consolidation Common Shares will be deemed to represent the number of whole post-Consolidation Common Shares to which the holder is entitled as a result of the Consolidation.
If, as a result of the Consolidation, a shareholder would otherwise be entitled to a fraction of a Common Share in respect of the total aggregate number of pre-consolidation Common Shares held by such shareholder, no such fractional Common Share will be awarded. The aggregate number of Common Shares that such shareholder is entitled to will, if the fraction is less than one half of one share, be rounded down to the next closest whole number of Common Shares, and if the fraction is at least one half of one share, be rounded up to one whole Common Share.
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