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.
_________________________________
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]
Fintech
Fintech Pulse: Your Daily Industry Brief (Chime, ZBD, MiCA)
As we close out 2024, the fintech industry continues to deliver headlines that underscore its dynamism and innovation. From IPO aspirations to groundbreaking regulatory milestones, today’s updates highlight the transformative power of fintech partnerships, regulatory evolution, and disruptive technologies. Here’s what you need to know.
Chime’s Quiet Step Toward Public Markets
Chime, the U.S.-based financial technology startup best known for its digital banking services, has taken a significant step by filing confidential paperwork for an initial public offering (IPO). As one of the most valuable private fintechs in the U.S., Chime’s move could potentially signal a renewed appetite for fintech IPOs in a market that has been cautious following fluctuating valuations across the tech sector.
With a valuation that reportedly exceeded $25 billion in its last funding round, Chime’s IPO could set a new benchmark for the industry. Observers note that its strong customer base and revenue growth may make it an appealing choice for investors seeking to capitalize on the digital banking boom. However, the timing and success of the IPO will depend on broader market conditions and the regulatory landscape.
Source: Bloomberg
ZBD’s Pioneering Achievement: EU MiCA License Approval
ZBD, a fintech company specializing in Bitcoin Lightning network solutions, has made history by becoming the first to secure an EU MiCA (Markets in Crypto-Assets Regulation) license. This landmark approval by the Dutch regulator positions ZBD at the forefront of compliant crypto-fintech operations in Europe.
MiCA, which aims to harmonize the regulatory framework for crypto-assets across the EU, has been a focal point for industry players aiming to establish legitimacy and expand their offerings. ZBD’s achievement not only validates its operational rigor but also sets a precedent for other fintech firms navigating the evolving regulatory landscape.
Industry insiders view this as a strategic advantage for ZBD as it broadens its footprint in Europe. By leveraging its regulatory approval, the company can accelerate its product deployment and establish trust with institutional and retail users alike.
Source: Coindesk, PR Newswire
The Fintech-Credit Union Synergy: A Blueprint for Innovation
The convergence of fintechs and credit unions continues to reshape the financial services ecosystem. Collaborative initiatives, such as the one highlighted in the recent partnership between fintech innovators and credit unions, are proving to be a potent force in delivering tailored financial solutions.
This “dream team” approach allows credit unions to leverage fintech’s technological expertise while maintaining their community-focused ethos. Key areas of collaboration include digital payments, personalized financial management tools, and enhanced loan processing capabilities. These partnerships not only enhance member engagement but also enable credit unions to remain competitive in an increasingly digital-first financial environment.
Industry analysts emphasize that such collaborations underscore a broader trend of traditional financial institutions embracing fintech-driven solutions to bridge service gaps and foster innovation.
Source: PYMNTS
Tackling Student Loan Debt: A Fintech’s Mission
Student loan debt remains a pressing issue for millions of Americans, and a Rochester-based fintech aims to offer relief through its cloud-based platform. This innovative solution is designed to simplify loan management and provide borrowers with actionable insights to reduce their debt burden.
The platform’s features include repayment optimization tools, personalized financial education, and seamless integration with loan servicers. By addressing the complexities of student loan management, this fintech is empowering borrowers to make informed decisions and achieve financial stability.
As the student loan crisis continues to evolve, solutions like this highlight the critical role fintech can play in addressing systemic financial challenges while fostering financial literacy and inclusion.
Source: RBJ
Industry Implications and Takeaways
Today’s updates underscore several key themes shaping the fintech landscape:
- Regulatory Milestones: ZBD’s MiCA license approval exemplifies the importance of regulatory compliance in unlocking growth opportunities.
- Strategic Partnerships: The collaboration between fintechs and credit unions demonstrates the value of combining technological innovation with traditional financial models to drive customer-centric solutions.
- Market Opportunities: Chime’s IPO move reflects a potential revival in fintech public offerings, signaling confidence in the sector’s long-term prospects.
- Social Impact: Fintech’s ability to tackle systemic issues, such as student loan debt, showcases its role as a force for positive change.
The post Fintech Pulse: Your Daily Industry Brief (Chime, ZBD, MiCA) appeared first on News, Events, Advertising Options.
Fintech
SPAYZ.io prepares for iFX EXPO Dubai 2025
Leading global payments platform SPAYZ.io has confirmed it will be attending iFX EXPO Dubai 2025 on 14 to 16 January. Exhibiting at Stand 64 at Trade Centre Dubai, SPAYZ.io’s team of professionals will be on hand providing live demonstrations of its renowned payment services for payment providers. Attendees will also receive exclusive insight into SPAYZ.io’s plans for 2025 alongside early early access to its upcoming plans for the new year.
SPAYZ.io delivers a host of payment solutions that leverage the latest technological innovations and open access to the fastest growing emerging markets across Africa, Europe and Asia. Over the past year, there has been huge demand for its Open Banking and local payment method services, alongside bank transfers, mass payouts, online banking and e-wallets.
Yana Thakurta, Head of Business Development at SPAYZ.io commented: “We look forward to once again participating at iFX Dubai to expand our network of partners and clients. It’s a fantastic way to kick off the year, connecting with thousands of industry leaders from FOREX platforms to trading companies, and everything in between.
“Our key goal for iFX Dubai EXPO 2025 is to expand our portfolio of solutions and geographies. We’re using this as an opportunity to partner with like-minded entities who share our ambition to provide payment solutions that are truly global.”
Come meet SPAYZ.io’s team at the Trade Centre Dubai at Stand 64. You can also book a meeting slot with a member of a team.
The post SPAYZ.io prepares for iFX EXPO Dubai 2025 appeared first on News, Events, Advertising Options.
Fintech
Airtm Enhances Its Board of Directors with Two Strategic Appointments
Airtm, the most connected digital dollar account in the world, is proud to announce the addition of two distinguished industry leaders to its Board of Directors: Rafael de la Vega, Global SVP of Partnerships at Auctane, and Shivani Siroya, CEO & Founder of Tala. These appointments reflect Airtm’s commitment to innovation and financial inclusion as the company enters its next phase of growth.
“We are thrilled to welcome Rafael and Shivani to Airtm’s Board of Directors,” said Ruben Galindo Steckel, Co-founder and CEO of Airtm. “Their unique perspectives and proven track records will be invaluable as we continue scaling our platform to empower individuals and businesses in emerging markets. Together, we’ll push the boundaries of financial inclusion and innovation to create a more connected and equitable global economy. Rafael and Shivani bring a wealth of experience and strategic insight that will strengthen Airtm’s mission to connect emerging economies with the global market.”
Rafael de la Vega, a seasoned leader in fintech global partnerships and technology innovation, is currently the Global SVP of Partnerships at Auctane. With a proven track record of delivering scalable, impactful solutions at the intersection of fintech, innovation, and commerce, Rafael’s expertise will be pivotal as Airtm continues to grow. “Airtm has built a platform that breaks down barriers and opens up opportunities for people in emerging economies to connect to global markets. I am excited to contribute to its growth and help further its mission of fostering financial inclusion on a global scale,” said Rafael.
Shivani Siroya, CEO and Founder of Tala, is a pioneer in financial technology, renowned for empowering underserved communities through access to credit and essential financial tools. Her leadership in leveraging data-driven innovation aligns seamlessly with Airtm’s vision of creating more equitable financial opportunities. “Empowering underserved communities has always been at the core of my work, and Airtm’s mission resonates deeply with me. I’m thrilled to join the Board and work alongside such a dynamic team to expand access to financial tools that truly make a difference in people’s lives,” said Shivani.
The post Airtm Enhances Its Board of Directors with Two Strategic Appointments appeared first on News, Events, Advertising Options.
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