QUIPT HOME MEDICAL COMMENCES TRADING ON CONSOLIDATED BASIS
CINCINNATI, May 13, 2021 -- Quipt Home Medical Corp. (“Quipt” or the “Company”) (TSXV:QIPT; OTCQX:PTQQD), a U.S. based leader in the home medical equipment industry, focused on end-to-end respiratory care, is pleased to announce that that further to its press release dated May 11, 2021, effective May 13, 2021, all of its issued and outstanding common shares (“Common Shares”) began trading on the TSX Venture Exchange ("TSXV") on a post-consolidation basis and under its new name and new TSXV symbol (QIPT).
On May 11, 2021, the Company announced that the Common Shares would be consolidated on the basis of one (1) post-consolidation Common Share for each four (4) pre-consolidation Common Shares (the “Share Consolidation”). The Share Consolidation represents another step towards the proposed listing of the Common Shares on The Nasdaq Capital Market (“Nasdaq”) by meeting the minimum share price requirement set by Nasdaq for an initial listing of shares.
The Share Consolidation has reduced the number of existing Common Shares from 122,575,285 Common Shares to 30,643,823 Common Shares. A letter of transmittal was sent by mail to registered shareholders advising that the Share Consolidation has taken effect. The letter of transmittal contains instructions on how registered shareholders can exchange their share certificates or Direct Registration System (“DRS”) statements evidencing their pre-consolidation Common Shares for new share certificates or new DRS statements representing the number of post-consolidation Common Shares to which they are entitled.
Quipt’s common shares will continue to trade on the OTCQX under the ticker symbol “PTQQD” for the next 20 business days denoting the Share Consolidation, prior to reverting back to “PTQQF”. Quipt plans to change its OTCQX ticker symbol to “QIPT” upon a Nasdaq up listing.
The Company also wishes to note the amended conversion price of its 8.0% unsecured convertible debentures due on March 7, 2024. The amended conversion price is $5.20 per share reflecting the Share Consolidation and will continue trading on the TSXV under the new symbol “QIPT.DB.A”.