PROTECH HOME MEDICAL ANNOUNCES INTENTION TO CHANGE NAME AND CONSOLIDATE STOCK IN ANTICIPATION OF PROPOSED NASDAQ LISTING
CINCINNATI, May 11, 2021 -- Protech Home Medical Corp. (“Protech” or the “Company”) (TSXV:PTQ; OTCQX:PTQQF), a U.S. based leader in the home medical equipment industry, focused on end-to-end respiratory care, is pleased to announce that, subject to the receipt of all required regulatory approvals, including the approval of the TSX Venture Exchange (the “TSXV”), it intends to change its name to “Quipt Home Medical Corp.” (the “Name Change”) and consolidate its common shares (each, a “Common Share”) on the basis of one (1) post-consolidation Common Share for every four (4) pre-consolidation Shares (the “Share Consolidation”). The Name Change and Consolidation are anticipated to be completed on May 13, 2021 and it is expected that the Common Shares will commence trading on the TSXV on a post-Share Consolidation basis under the new name and new symbol “QIPT” on such date. The Name Change, symbol change and Share Consolidation are proposed to be completed in anticipation of the Company’s application to list the Common Shares on the NASDAQ Capital Market (“NASDAQ”).
The Company aims to set the standard of the home health industry and will be branded and utilized in local markets over time to meet the one-of-a-kind needs of every individual that puts their confidence in the name. Supported by the reach and the reputation of our current local brands, following the Name Change, the Company will continue to strive to enrich the lives of our patients by providing full-service technology-enabled home healthcare solutions to suit every kind of need, for every kind of patient.
The Company expects that on the same date that the Common Shares begin to trade on a post-Share Consolidation basis under the new name, its 8.0% unsecured convertible debentures due on March 7, 2024 (the “Debentures”) will commence trading on the TSXV under the new symbol “QIPT.DB.A”. No action will be required by existing holders of the Debentures with respect to the Name Change or Share Consolidation.
The CUSIP numbers assigned to the Common Shares and Debentures under its new name will be 74880P104 and 74880PAA2, respectively.
It is anticipated that Computershare Trust Company of Canada (“Computershare”) will mail letters of transmittal to the shareholders providing instructions on exchanging pre-Consolidation share certificates for post-Consolidation share certificates. At that time, shareholders are encouraged to send their share certificates, together with their letter of transmittal, to Computershare in accordance with the instructions in the letter of transmittal.
The Company is currently targeting to complete the proposed listing on NASDAQ by the end of June 2021, or as soon as possible thereafter, subject to satisfaction of all necessary listing requirements and acceptance of the Company’s Form 40-F Registration Statement by the United States Securities and Exchange Commission (the “SEC”). The Company will continue to trade under the symbol “PTQQF” on the OTCQX, following the Name Change and Share Consolidation and prior to completion of its proposed NASDAQ listing. While the Company intends to satisfy all of the applicable listing criteria, no assurance can be given that its application will be approved.
As previously disclosed in connection with the Company’s application for listing on the NASDAQ Capital Market, the Company’s auditor has concluded its review of the Q1, Q2 and Q3 of Fiscal 2020 financial statements for incorporation to the Form 40-F Registration Statement to be filed with the SEC. These restated and amended financial statements have been filed at www.sedar.com. For additional clarification, please note there has been no changes to the audited Fiscal Year-End 2020 financials as previously filed by the Company.
“This represents a major milestone in the history of our Company, as we transform into Quipt Home Medical, readying for national expansion across the United States as a leader in respiratory homecare. Driven by our technology focused, patient-centric model, organic growth initiatives such as elevating our brand, combined with our acquisition plans has significantly widened our aperture of opportunity for our business,” said Greg Crawford, Chairman and CEO of Protech. “We feel timing our renaming process alongside our proposed NASDAQ listing will allow us to significantly garner awareness for our company in the United States. We expect to utilize Quipt as a brand over time in local markets, aiding in our robust organic growth strategy. Our interconnected healthcare platform is providing us much opportunity to gain market share and Quipt has all the resources needed to seize these opportunities. Additionally, I am pleased to report that our acquisition pipeline continues to be full, and we have a sustained focus on larger accretive transactions which further our goal of creating scale, and we look forward to keeping shareholders apprised as appropriate.”