Fintech
CSE Bulletin: Share Reclassification – Ayr Strategies Inc. Subordinate Voting Shares, Restricted Voting Shares and Limited Voting Shares (“AYR.A”)
Toronto, Ontario–(Newsfile Corp. – le 1 décembre/December 1st, 2020) – At its annual general and special meeting of shareholders held on November 4, 2020, the shareholders of Ayr Strategies Inc. approved the amendment and restatement of its articles (collectively, the “Amendment”), as further described in its management information circular dated September 30, 2020 (the “Circular”), in order to, among other things:
- create and set the terms of two new share classes of Ayr, being the Restricted Voting Shares and the Limited Voting Shares, including applying coattail terms to such shares similar to those applicable to the existing Subordinate Voting Shares;
- amend the terms of the existing Multiple Voting Shares and the existing Subordinate Voting Shares, including without limitation, by amending the requirements on who may hold Subordinate Voting Shares.
Ayr proposed this expanded share structure and the introduction of Restricted Voting Shares and Limited Voting Shares in order to seek to maintain its foreign private issuer (FPI) status and reduce compliance costs. Subject to certain specified exceptions, the Subordinate Voting Shares may only be held, beneficially owned or controlled by “Non-U.S. Persons” (as defined in the Circular), the Restricted Voting Shares may only be held, beneficially owned or controlled by “U.S. Persons” (as defined in the Circular), and the Limited Voting Shares may only be held, beneficially owned or controlled by U.S. Persons. The Subordinate Voting Shares, Restricted Voting Shares and Limited Voting Shares will each carry one vote per share, except that the holders of Limited Voting Shares shall not have any entitlement to vote in respect of the election for directors of Ayr’s board.
Upon the effective date of the Amendment, scheduled for December 3, 2020, (i) subject to certain exceptions, the holders of all Subordinate Voting Shares held by Non-U.S. Persons will continue to hold Subordinate Voting Shares, (ii) subject to certain exceptions, the holders of all Subordinate Voting Shares if and when held by U.S. Persons will be automatically converted, without further act or formality, on a one-for-one basis into Restricted Voting Shares, and (iii) if, at any given time, the total number of Multiple Voting Shares, Subordinate Voting Shares, Restricted Voting Shares and Limited Voting Shares represents a number equal to or in excess of the FPI Threshold (as defined in the Circular), then the minimum number of Restricted Voting Shares required to stay within the threshold will be automatically converted, without further act or formality, on a pro-rata basis across all registered holders of Restricted Voting Shares, on a one-for-one basis, into Limited Voting Shares.
If, at any given time, the total number of Limited Voting Shares represents a number below the FPI Threshold, then the number of Limited Voting Shares will be automatically converted, without further act or formality, on a pro-rata basis across all registered holders of Limited Voting Shares, on a one-for-one basis, into Restricted Voting Shares, to the maximum extent possible such that the Limited Voting Shares would then represent a number of Multiple Voting Shares, Subordinate Voting Shares, Restricted Voting Shares and Limited Voting Shares that is one share less than the FPI Threshold. If, at any given time, the Restricted Voting Shares or the Limited Voting Shares are held, beneficially owned or controlled by Non-U.S. Persons, they will be automatically converted, without further act or formality, on a one-for-one basis into Subordinate Voting Shares.
The Subordinate Voting Shares, Restricted Voting Shares and Limited Voting Shares will be listed and trade on the Canadian Securities Exchange under the single ticker “AYR.A”. These shares will bear the CUSIP/ ISIN number 00249N209/CA00249N2095 and will be designated for purposes of trading under the single designation of “Subordinate, Restricted and Limited Voting Shares” of AYR.
Please refer to Ayr’s Circular and amended articles for a detailed description of the above summary.
The New Shares of Ayr Strategies will be listed on the Exchange effective at the market opening Thursday, December 3, 2020.
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Lors de leur assemblée générale annuelle et extraordinaire des actionnaires tenue le 3 decembre 2020, les actionnaires d’Ayr Strategies Inc. ont approuvé la modification et le retraitement de ses statuts (collectivement, la «modification»), comme décrit plus en détail dans sa circulaire d’information de la direction datée de septembre 30, 2020 (la «circulaire»), afin, entre autres:
- créer et définir les conditions de deux nouvelles catégories d’actions d’Ayr, soit les actions à droit de vote restreint et les actions à droit de vote limité, y compris l’application de conditions communes à ces actions similaires à celles applicables aux actions à droit de vote subalterne existantes;
- modifier les modalités des actions à vote multiple existantes et des actions à vote subalterne existantes, y compris, sans s’y limiter, en modifiant les exigences relatives à qui peut détenir des actions à vote subalterne.
Ayr a proposé cette structure d’actions élargie et l’introduction d’actions à droit de vote restreint et d’actions à droit de vote limité afin de chercher à maintenir son statut d’émetteur privé étranger (FPI) et de réduire les coûts de conformité. Sous réserve de certaines exceptions spécifiées, les actions à droit de vote subalterne ne peuvent être détenues, détenues en propriété véritable ou contrôlées que par des «non-américains. Personnes »(telles que définies dans la circulaire), les actions à droit de vote restreint ne peuvent être détenues, détenues en propriété véritable ou contrôlées que par« U.S. Personnes »(telles que définies dans la circulaire) et les actions à droit de vote limité ne peuvent être détenues, détenues en propriété véritable ou contrôlées que par des personnes américaines. Les actions à droit de vote subalterne, les actions à droit de vote restreint et les actions à droit de vote limité comporteront chacune une voix par action, sauf que les porteurs d’actions à droit de vote limité n’auront aucun droit de vote à l’égard de l’élection des administrateurs du conseil d’Ayr.
À la date d’entrée en vigueur de la modification, prévue pour le 3 décembre 2020, (i) sous réserve de certaines exceptions, les porteurs de toutes les actions à droit de vote subalterne détenues par des non-américains. Les personnes continueront de détenir des actions à droit de vote subalterne, (ii) sous réserve de certaines exceptions, les porteurs de toutes les actions à droit de vote subalterne si et lorsqu’elles sont détenues par des ressortissants américains seront automatiquement convertis, sans autre acte ni formalité, sur une base de un pour un. en actions à droit de vote restreint, et (iii) si, à un moment donné, le nombre total d’actions à vote multiple, d’actions à droit de vote subalterne, d’actions à droit de vote restreint et d’actions à droit de vote limité représente un nombre égal ou supérieur au seuil de FPI (tel que défini dans la circulaire), alors le nombre minimum d’actions à droit de vote restreint requis pour rester à l’intérieur du seuil sera automatiquement converti, sans autre acte ni formalité, au prorata pour tous les porteurs inscrits d’actions à droit de vote restreint, à raison de un pour -une base, en actions à droit de vote limité.
Si, à un moment donné, le nombre total d’actions à droit de vote limité représente un nombre inférieur au seuil FPI, alors le nombre d’actions à droit de vote limité sera automatiquement converti, sans autre acte ni formalité, au prorata pour tous les porteurs inscrits. d’actions à droit de vote limité, à raison de une pour une, en actions à droit de vote restreint, dans la mesure du possible, de sorte que les actions à droit de vote limité représenteraient alors un nombre d’actions à vote multiple, d’actions à droit de vote subalterne, d’actions à droit de vote restreint et à droit de vote limité Partages inférieurs d’une part au seuil FPI. Si, à un moment donné, les actions à droit de vote restreint ou les actions à droit de vote limité sont détenues, en propriété véritable ou
contrôlée par des non-américains. Personnes, elles seront automatiquement converties, sans autre acte ni formalité, à raison de une pour une en actions à droit de vote subalterne.
Les actions à droit de vote subalterne, les actions à droit de vote restreint et les actions à droit de vote limité seront inscrites et négociées à la Bourse des valeurs canadiennes sous le symbole unique «AYR.A». Ces actions porteront le numéro CUSIP / ISIN 00249N209 / CA00249N2095 et seront désignées aux fins de négociation sous la désignation unique «d’actions à droit de vote subalterne, restreint et limité» d’AYR.
Veuillez consulter la circulaire d’Ayr et les articles modifiés pour une description détaillée du résumé ci-dessus.
Les Nouvelles Actions d’Ayr Strategies seront cotées à la Bourse à compter de l’ouverture du marché le Jeudi 3 décembre 2020.
|
Security Name/Nom de sécurité: |
Ayr Strategies Inc. |
|
Security Type/Titre: |
Subordinate Voting Shares, Restricted Voting Shares and Limited Voting Shares/ Actions à droit de vote subalterne, actions à droit de vote restreint et actions à droit de vote limité |
|
Symbol(s)/Symbole(s): |
AYR.A |
|
NEW/Nouveau CUSIP: |
00249N209 |
|
NEW/Nouveau ISIN: |
CA00249N2095 |
|
Old/Vieux CUSIP & ISIN: |
00249N100/CA00249N1006 |
|
Trading Date/Date de negociation: |
le 3 december/December 2020 |
If you have any questions or require further information please contact Listings at (416) 367-7340 or E-mail: [email protected]
Pour toute question, pour obtenir de l’information supplémentaire veuillez communiquer avec le service des inscriptions au 416 367-7340 ou par courriel à l’adresse: [email protected]
The fintech landscape continues to redefine itself, driven by innovation, partnerships, and groundbreaking strategies. Today’s roundup focuses on the latest digital wallet offerings, evolving payment trends, strategic collaborations, and notable funding achievements. This editorial explores the broader implications of these developments, casting light on how they shape the future of fintech and beyond.
Beacon’s Digital Wallet for Immigrants: A Gateway to Financial Inclusion
Beacon Financial, a leading player in financial technology, recently launched a digital wallet tailored to meet the unique needs of immigrants moving to Canada. This offering bridges a critical gap, enabling seamless financial integration for newcomers navigating a foreign system.
By combining intuitive technology with user-centric features, Beacon aims to empower immigrants with tools for payments, savings, and remittances. This aligns with the growing demand for tailored financial products that resonate with specific demographics.
Op-Ed Insight:
Financial inclusion is more than just a buzzword; it’s a moral imperative in the fintech space. Products like Beacon’s digital wallet highlight the industry’s potential to create tangible change. As global migration trends increase, such offerings could inspire similar initiatives worldwide.
Source: Fintech Futures.
Juniper Research Highlights 2025’s Payment Trends
Juniper Research’s latest report unveils pivotal payment trends poised to dominate in 2025. Central themes include the adoption of instant payment networks, a surge in embedded finance solutions, and the rise of crypto-backed financial products.
The research underscores the rapid adoption of real-time payment systems, fueled by increasing consumer demand for speed and efficiency. Meanwhile, embedded finance promises to blur the lines between traditional banking and non-financial services, delivering personalized and context-specific solutions.
Op-Ed Insight:
As the lines between financial services and technology continue to blur, these trends emphasize the industry’s shift toward convenience and personalization. The growing role of crypto-based solutions reflects an evolving consumer mindset, where decentralization and digital-first experiences gain precedence.
Source: Juniper Research.
MeaWallet and Integrated Finance Partner to Revolutionize Digital Wallets
MeaWallet, a prominent fintech solutions provider, has partnered with Integrated Finance to advance digital wallet capabilities and secure card data access for fintech companies. This collaboration focuses on empowering fintechs to deliver better, safer digital payment experiences.
MeaWallet’s role as a technology enabler aligns seamlessly with Integrated Finance’s goal of simplifying complex financial infrastructures. Together, they aim to create scalable, robust platforms for secure payment solutions.
Op-Ed Insight:
Partnerships like this underscore the importance of collaboration in driving innovation. As security concerns grow in tandem with digital payment adoption, solutions addressing these challenges are essential for maintaining consumer trust. The fintech ecosystem thrives when synergy and innovation coalesce.
Source: MeaWallet News.
Nucleus Security Among Deloitte’s Fastest-Growing Companies
Nucleus Security has achieved a remarkable milestone, ranking 85th on Deloitte’s 2024 Technology Fast 500 list. This achievement is attributed to its robust cybersecurity solutions, which cater to the increasingly digital fintech environment.
With cyberattacks becoming more sophisticated, fintech companies are under immense pressure to safeguard their platforms. Nucleus Security’s growth reflects the rising demand for comprehensive, scalable security solutions that protect sensitive financial data.
Op-Ed Insight:
In a digital-first world, robust cybersecurity isn’t optional—it’s fundamental. The recognition of companies like Nucleus Security signals the growing importance of protecting fintech infrastructure as the industry scales globally.
Source: PR Newswire.
OpenYield Secures Funding to Transform the Bond Market
OpenYield has announced a successful funding round, aiming to revolutionize the bond market through innovative technology. The platform promises greater transparency, efficiency, and accessibility in fixed-income investments.
This funding underscores the growing appetite for digitizing traditionally opaque financial markets. By leveraging cutting-edge technology, OpenYield seeks to democratize bond investments, making them accessible to a broader audience.
Op-Ed Insight:
The bond market, long viewed as complex and inaccessible, is ripe for disruption. OpenYield’s efforts to modernize this space highlight fintech’s transformative potential to democratize finance and empower individual investors.
Source: PR Newswire.
Key Takeaways: Shaping the Future of Fintech
Today’s developments underscore several critical themes in the fintech landscape:
- Personalization and Inclusion: Products like Beacon’s wallet highlight the importance of understanding and addressing specific user needs.
- Collaborative Ecosystems: Partnerships, like that of MeaWallet and Integrated Finance, emphasize the power of collaboration in solving industry challenges.
- Emerging Technologies: Juniper Research’s predictions affirm the continued influence of blockchain, embedded finance, and instant payment networks.
- Security at the Core: The recognition of Nucleus Security underscores the essential role of cybersecurity in fintech.
- Market Transformation: OpenYield’s funding signifies the ongoing disruption of traditional financial markets, paving the way for broader accessibility.
The post Fintech Pulse: Daily Industry Brief – A Dive into Today’s Emerging Trends and Innovations appeared first on News, Events, Advertising Options.
As fintech continues to reshape the global financial landscape, today’s briefing highlights pivotal developments, strategic expansions, and innovative launches across the industry. This op-ed explores the latest advancements with commentary on their potential impacts and challenges.
Finastra Data Breach: A Wake-Up Call for Fintech Security
Source: KrebsOnSecurity
The cybersecurity landscape is buzzing after Finastra, one of the largest financial technology providers globally, confirmed an investigation into a potential data breach. Reports suggest unauthorized access to its systems, raising concerns about data security across its client base, which includes thousands of banks and financial institutions worldwide.
Implications and Challenges
While the details of the breach remain sparse, this incident underscores a glaring vulnerability in the fintech sector—cybersecurity. As financial services increasingly rely on interconnected ecosystems, breaches like these threaten not only individual institutions but also the trust customers place in fintech platforms.
The key takeaway for the fintech industry is clear: proactive cybersecurity strategies must go beyond compliance. Real-time threat detection, robust encryption standards, and regular audits are no longer optional but essential for maintaining operational integrity.
Future Considerations
This breach could trigger a domino effect, prompting regulators to tighten security standards and requiring fintech companies to double down on investments in data protection. Startups and mid-tier players, often lacking extensive cybersecurity budgets, may face significant pressure to keep pace.
PayPal Resurrects Money Pooling Feature
Source: TechCrunch
In a bid to stay ahead of the competition, PayPal is reintroducing its Money Pooling feature, a popular tool that was discontinued in 2021. The feature allows users to pool funds collectively, catering to families, small businesses, and social groups.
Strategic Revival
This move reflects PayPal’s commitment to customer-centric innovation. By reinstating a feature beloved by its user base, the company seeks to reclaim market share lost to emerging competitors offering similar functionalities.
Broader Industry Impacts
Money pooling represents a broader trend in fintech—customized solutions that cater to niche needs. This reintroduction may inspire competitors like Venmo and CashApp to refine their collaborative payment offerings.
While this move strengthens PayPal’s ecosystem, its success will depend on seamless integration with existing services and robust fraud prevention mechanisms to avoid abuse of the feature.
Santander Expands Fintech Reach in Mexico
Source: Yahoo Finance
Santander is making waves in the Latin American fintech space with the launch of a dedicated fintech unit in Mexico. The initiative aims to capitalize on Mexico’s growing fintech adoption and digital payments market, valued at billions of dollars annually.
Strategic Significance
Santander’s expansion into Mexico highlights the region’s untapped potential. Latin America is a burgeoning market for fintech, driven by increasing smartphone penetration, a youthful demographic, and demand for accessible financial services.
Challenges on the Horizon
While Mexico offers immense opportunities, regulatory complexities and market competition from local players like Clip and Konfío pose significant challenges. Santander will need to blend its global expertise with local adaptability to succeed in this dynamic market.
2024 Global Fintech Awards: Spotlighting Excellence
Source: PRNewswire
Benzinga has announced the winners of the 2024 Global Fintech Awards, honoring companies and individuals driving innovation in financial technology. This year’s winners spanned categories like blockchain, artificial intelligence, and payment solutions.
Recognizing Industry Leaders
Awards like these highlight the collaborative spirit and entrepreneurial drive fueling fintech growth. Recognizing trailblazers not only motivates incumbents but also inspires startups to push the boundaries of innovation.
What It Means for the Ecosystem
The awards also bring attention to emerging technologies. Categories such as blockchain and AI signal the industry’s continued focus on leveraging cutting-edge tech for efficiency and scalability.
Commonwealth Central Credit Union Partners with Jack Henry
Source: FinTech Futures
Commonwealth Central Credit Union (CCCU) has announced a partnership with Jack Henry, a leading financial technology provider, for a comprehensive tech upgrade. The collaboration focuses on enhancing member experience through improved digital services.
Modernizing Member Experiences
Credit unions have often lagged behind major banks in adopting advanced digital solutions. By partnering with Jack Henry, CCCU aims to bridge this gap, offering members streamlined services such as mobile banking, automated lending, and personalized financial tools.
A Growing Trend
This partnership reflects a broader trend in the financial industry—credit unions and smaller banks embracing fintech to remain competitive. As customer expectations evolve, partnerships like this may become the norm rather than the exception.
Key Takeaways for the Fintech Industry
- Cybersecurity is Critical: The Finastra breach underscores the need for robust security measures.
- Innovation Drives Loyalty: PayPal’s revival of its Money Pooling feature highlights the importance of listening to customers.
- Regional Opportunities: Santander’s expansion into Mexico showcases the untapped potential of emerging markets.
- Recognition Matters: Awards like Benzinga’s provide valuable visibility for companies and individuals shaping the industry.
- Partnerships Foster Growth: Collaborations between credit unions and fintech companies signify a trend towards modernized financial solutions.
The post Fintech Pulse: Industry Updates, Innovations, and Strategic Moves appeared first on News, Events, Advertising Options.
The fintech sector continues its relentless drive toward innovation and market dominance. Today’s highlights include a record-breaking customer milestone for Revolut, groundbreaking fintech solutions for women in the EU, open entries for the PayTech Awards 2025, implications of political shifts on funding, and notable recognition at the US FinTech Awards.
Revolut Hits 50 Million Customers: A Global Fintech Giant’s Milestone
Source: Revolut
Revolut, the UK-based financial super app, has achieved a monumental feat: surpassing 50 million customers worldwide. This milestone underscores its position as a leader in the global fintech landscape, furthering its ambition to create the world’s first truly global bank.
Key to this success has been Revolut’s strategy of expanding its offerings, from banking to travel and crypto services, all within a seamless user experience. The company’s recent ventures into emerging markets such as Latin America and Asia demonstrate its intent to bridge financial services gaps while retaining competitive differentiation through technology.
This milestone is not just a triumph for Revolut but a signal of fintech’s capacity to redefine traditional banking. It reinforces the narrative that digital-first strategies, customer-centric innovation, and international scalability can challenge long-standing financial institutions.
PayTech Awards 2025: Celebrating Excellence in Innovation
Source: FinTech Futures
The PayTech Awards 2025 are officially open for entries, promising to spotlight the brightest minds and most innovative projects in the payment technology sector. These awards are a testament to the industry’s commitment to advancing secure, seamless, and scalable payment systems.
This year, the focus is on emerging technologies that redefine how businesses and consumers interact financially. Categories will recognize achievements across multiple domains, including sustainability in payments, AI-driven solutions, and partnerships that push boundaries.
As fintech companies prepare their entries, the awards provide a timely reminder of the sector’s ongoing evolution and the collaborative efforts required to achieve meaningful breakthroughs.
U.S. Politics and the Fintech Sector: A New Era of Funding?
Source: American Banker
The U.S. fintech sector might witness an infusion of optimism as speculation about a second Trump presidency gains momentum. The Trump-era policies of deregulation and venture capital encouragement are remembered as catalysts for unprecedented fintech growth during his first term.
While it remains uncertain how regulatory landscapes will shift, the possibility of a more relaxed approach toward fintech compliance could rejuvenate funding inflows. Investors and startups alike are watching closely, weighing the potential benefits against long-term risks tied to reduced oversight.
A politically charged backdrop often spells volatility, but for fintech, it may also spell opportunity. Preparing to adapt quickly will be crucial for startups and established players in the face of any regulatory pivot.
Klara AI and Unlimit: Addressing the €1.3 Trillion Female Economy
Source: FF News
Klara AI has teamed up with Unlimit to launch a fintech solution aimed at empowering women across the EU. This collaboration targets the €1.3 trillion female economy by addressing the unique financial needs of women entrepreneurs and consumers.
The solution promises to integrate AI-powered tools with streamlined financial management services, enabling users to access credit, manage investments, and scale businesses effectively. By tailoring services to the underserved female demographic, the partnership hopes to drive financial inclusion and support economic growth.
This initiative stands as a blueprint for fintechs exploring niche markets, proving that innovation tailored to specific segments can yield transformative results.
Autire: Accounting Tech of the Year at US FinTech Awards
Source: Business Wire
Autire, a rising star in financial technology, has been crowned ‘Accounting Tech of the Year’ at the US FinTech Awards 2024. The award recognizes Autire’s ability to blend cutting-edge AI with intuitive user interfaces, delivering unparalleled accounting solutions for businesses of all sizes.
Autire’s platform has gained traction for automating complex accounting tasks, ensuring compliance, and delivering actionable insights through real-time analytics. Its emphasis on reducing administrative burdens for SMEs has been particularly impactful, enabling entrepreneurs to focus on growth rather than bookkeeping.
The recognition not only cements Autire’s reputation but also highlights the role of AI-driven accounting solutions in reshaping business operations globally.
Final Thoughts: A Fintech Revolution in Full Swing
From customer milestones to policy-driven opportunities, the fintech ecosystem is in constant evolution. Revolut’s ascent to 50 million users signals growing consumer trust in digital platforms. The PayTech Awards continue to inspire innovation, while political shifts could redefine the regulatory landscape. Initiatives like Klara AI and Unlimit emphasize the power of targeted solutions, and companies like Autire show how niche technologies can achieve broad impact.
The next phase of fintech growth will likely hinge on inclusivity, adaptability, and innovation—pillars that today’s news stories exemplify.
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