Avant Brands Announces 30:1 Share Consolidation

Avant Brands Inc. (TSX:AVNT)(OTCQX:AVTBF)(FRA:1BU0) has announced the consolidation of its outstanding common shares. The consolidation will occur on a 30:1 basis, meaning 30 existing shares will be converted into 1 new share.

This move has been approved by Avant's board of directors and does not require shareholder approval. The effective date for this consolidation is set for August 30, 2024. Subsequent to this date, the company's common shares will commence trading on the Toronto Stock Exchange under the new ISIN CA05353D2023 and new CUSIP 05353D202.

Following the consolidation, Avant Brands will have approximately 10,544,745 common shares outstanding, down from the current 316,342,373. Fractional shares will not be issued; instead, holdings will be rounded to the nearest whole share.

Shareholders holding certificates will receive instructions on how to exchange their shares, while those holding shares in DRS form will receive their new shares automatically. Shareholders with broker-held shares do not need to take action.