Ynvisible Interactive Announces Acceleration of Warrant Expiry Date
VANCOUVER, British Columbia–(BUSINESS WIRE)–$YNV–Ynvisible Interactive Inc. (the "Company" or "Ynvisible") (TSXV:YNV, OTCQB:YNVYF, FRA:1XNA), an emerging printed and flexible electronics company, announces that it has elected to exercise its right to accelerate the expiry date of its common share purchase warrants issued January 9, 2019, and June 5, 2019, and each exercisable into a common share in the capital of the Company at an exercise price of $0.60 (the “Warrants”).
The Warrants bear an acceleration provision providing that, if for the preceding seven consecutive trading days, the daily volume weighted average trading price of the Company’s common shares is greater than $0.75, the Company is entitled to accelerate the expiry date of the Warrants to the date that is the 30th day after the date of this news release, which serves as the required notice to the holders of the Warrants.
The Warrants will now expire at 5:00 p.m. (Vancouver time) on April 17, 2021 (the “Accelerated Expiry Time). Warrants that have not been exercised by the Accelerated Expiry Time will automatically be void and cease to have any effect.
Over 90% of the Warrants have already been exercised generating approximately $4.9 million in gross proceeds to the Company. As of today’s date, a total of 881,295 Warrants remain outstanding. If all remaining Warrants are exercised, additional proceeds to the Company will total approximately $539,000.
The Company intends to use the proceeds of the Warrants exercised for productization, marketing, increasing production capacity, and general working capital.
ABOUT YNVISIBLE INTERACTIVE INC.
Ynvisible aims to be a leading company in the emerging printed and flexible electronics sector. Given the cost and power-consumption advantages over conventional electronics, printed electronics are a key enabler of mass adoption of the Internet of Things ("IoT") and smart objects. Ynvisible has the experience, know-how and intellectual property in electrochromic materials, inks, and systems. Ynvisible's interactive printed graphics solutions solve the need for ultra-low power, mass deployable, & easy-to-use electronic displays and indicators for everyday smart objects, IoT devices, and ambient intelligence (intelligent surfaces). Ynvisible offers a mix of services, materials and technology to brand owners developing smart objects and IoT products. Additional information on Ynvisible is available at www.ynvisible.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"Michael Robinson," CEO, Ynvisible Interactive Inc.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. All statements, other than statements of historical fact, that address activities, events or developments the Company believes, expects or anticipates will or may occur in the future, including, without limitation, statements about the Company's forecast of sales, cost of sales, operating expenses and income from other sources; the Company's business strategy, plans and outlooks; the future financial or operating performance of the Company; and future marketing and operating plans are forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements and, even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: the impact of COVID-19; risks and uncertainties related to additional costs being subsequently identified and the allocation of costs between reporting periods; and the possibility that the actual financial results will not be consistent with the Company's expectations. Actual results may differ materially from those currently anticipated in such statements. Readers are encouraged to refer to the Company's public disclosure documents for a more detailed discussion of factors that may impact expected future results. The Company undertakes no obligation to publicly update or revise any forward-looking statements, unless required pursuant to applicable laws.