BYND:CC - BYND Cannasoft Enterprises Inc. Announces Reverse Split
(TheNewswire)
ASHKELON, Israel and VANCOUVER, British Columbia –TheNewswire – March 15, 2024 - BYND Cannasoft Enterprises Inc.(Nasdaq:BCAN) (“BYND Cannasoft” or the “Company”) anIsraeli-based integrated software and cannabis company, todayannounced that a 1-for-190 reverse stock split of its outstandingshares of common stock will be effective on March 22, 2024. Thisreverse split replaces the stock split approved at the meeting of theshareholders of the Company held on February 27, 2024.
The Company’s common stock will begin trading on areverse stock split-adjusted basis at the opening of the market onMarch 22, 2024. Following the reverse stock split, the Company’scommon shares will continue to trade on The Nasdaq Capital Marketunder the symbol “BCAN” with the new CUSIP number 05608P208. Thereverse stock split is part of the Company’s plan to regaincompliance with the minimum bid price requirement for continuedlisting on The Nasdaq Capital Market.
At the effective time of the reverse split, every 190of the Company’s common share will automatically be combined intoone issued and outstanding common share without any change in the parvalue per share. Fractional shares will not be issued in connectionwith the reverse stock split. All fractional shares will be rounded upto the next whole share. The reverse stock split will affect allstockholders uniformly and will not alter any stockholder’s relativeinterest in the Company’s equity securities, except for anyadjustments for fractional shares. In addition, proportionateadjustments will be made to the number of shares underlying, and theexercise or conversion prices of, the Company’s outstanding stockoptions, and to the number of shares of common stock issuable underthe Company’s equity incentive plans.
The reverse stock split will reduce the number ofissued and outstanding shares of the Company’s common stock fromapproximately 123,271,048 to approximately 648,795.
About BYND Cannasoft EnterprisesInc.
BYND Cannasoft Enterprises is an Israeli-basedintegrated software and cannabis company. BYND Cannasoft owns andmarkets "Benefit CRM," a proprietary customer relationshipmanagement (CRM) software product enabling small and medium?sizedbusinesses to optimize their day?to?day business activities suchas sales management, personnel management, marketing, call centeractivities, and asset management. Building on our 20 years ofexperience in CRM software, BYND Cannasoft is developing an innovativenew CRM platform to serve the needs of the medical cannabis industryby making it a more organized, accessible, and price-transparentmarket. The Cannabis CRM System will include a Job Management(BENEFIT) and a module system (CANNASOFT) for managing farms andgreenhouses with varied crops.
BYND Cannasoft owns the patent-pending intellectualproperty for the EZ-G device. This therapeutic device uses proprietarysoftware to regulate the flow of low concentrations of CBD oil, hempseed oil, and other natural oils into the soft tissues of the femalereproductive system to potentially treat a wide variety of women'shealth issues. The EZ-G device includes technological advancements asa sex toy with a more realistic experience and the prototype utilizessensors to determine what enhances the users' pleasure. The user cancontrol the device through a Bluetooth app installed on a smartphoneor other portable device. The data will be transmitted and receivedfrom the device to and from the secure cloud using artificialintelligence (AI). The data is combined with other antonymic userpreferences to improve its operation byincreasing sexual satisfaction. Commercialization of the EZ-G deviceis subject to receipt of regulatory approvals.
For further information please refer to informationavailable on the Company’s website: www.cannasoft-crm.com, and onSEDAR+: www.sedarplus.ca.
Gabi Kabazo Chief Financial Officer Tel: (604) 833-6820e?mail: ir@cannasoft-crm.com
Cautionary Note RegardingForward-Looking Statements
This press release includes certain statements that maybe deemed “forward-looking statements” within the meaning ofSection 27A of the U.S. Securities Act of 1933, as amended, andSection 21E of the U.S. Securities Exchange Act of 1934, as amendedand under Canadian securities laws. When used in this press release,the words “may”, “would”, “could”, “will”,“intend”, “plan”, “anticipate”, “believe”,“estimate”, “expect” and similar expressions are intended toidentify forward?looking statements. Those forward-lookingstatements include, without limitation, the statement as to theanticipated date of delisting from the CSE,’’ which date is withinthe control of the CSE. Such statements are subject to certain risksand uncertainties, and actual circumstances, events or results maydiffer materially from those projected in such forward-lookingstatements.
Although the Company believes the expectationsexpressed in such forward-looking statements are based on reasonableassumptions, such statements are not guarantees of future performance,and actual events or developments may differ materially from those inforward-looking statements. Such forward-looking statementsnecessarily involve known and unknown risks and uncertainties, whichmay cause the Company’s actual performance and financial results infuture periods to differ materially from any projections of futureperformance or results expressed or implied by such forward-lookingstatements. Such statements reflect the Company's current views withrespect to future events and are subject to such risks anduncertainties. Many factors could cause actual results to differmaterially from the statements made, including future financialperformance, unanticipated regulatory requests and delays, finalpatents approval, and those factors discussed in filings made by thecompany with the Canadian securities regulatory authorities, including(without limitation) in the company's management's discussion andanalysis for the year ended December 31, 2022 and annual informationform dated March 31, 2023, which are available under the company'sprofile at www.sedar.com, and in the Company’s Annual Report on Form20-F for the year then ended that was filed with the U.S. Securitiesand Exchange Commission on April 27, 2023. Should one or more of thesefactors occur, or should assumptions underlying the forward-lookingstatements prove incorrect, actual results may vary materially fromthose described herein as intended, planned, anticipated, or expected.We do not intend and do not assume any obligation to update theseforward?looking statements, except as required by law. Any suchforward-looking statements represent management's estimates as of thedate of this press release. While we may elect to update suchforward-looking statements at some point in the future, we disclaimany obligation to do so, even if subsequent events cause our views tochange. Shareholders are cautioned not to put undue reliance on suchforward?looking statements.
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