(TheNewswire)
July 18, 2024 – TheNewswire – Vancouver, British Columbia - Legible Inc. (CSE: READ)(OTCQB: LEBGF) (FSE: D0T) ("Legible”/“Company”), announces a warrant exercise incentive program(" IncentiveProgram ") with respect to a total of 38,009,366 warrantsapplicable to the 6 classes of warrants described herein (“ Subject Warrants ”). Under theIncentive Program, each holder of Subject Warrants may exercise part,or all, of their Subject Warrants at the revised exercise price of$0.07, between the date hereof and the close of business August 12,2024. Holders that exercise their Subject Warrants will be granted onecommon share purchase warrant (each an " Incentive Warrant ") for each exercised Subject Warrant. Each Incentive Warrant willentitle the holder thereof to acquire one common share (an" Incentive WarrantShare ") of the Company at a price of $0.10per common share, for a period of one year from the date of issuance, provided that if, at any time, after the date that is fourmonths and one day following the date of issuance, the volume weightedaverage trading price of Legible’s Common Shares on the CanadianSecurities Exchange (the “CSE”) is at least $0.30 per share for aperiod of 10 consecutive trading days, the expiry date of the Warrantsmay be accelerated by the Company, to a date that is not less than 21days after the date that notice of such acceleration is provided tothe holders of the Incentive Warrants, which notice may be by way ofgeneral press release.
The classes of the Subject Warrants are summarized asfollows; (i) 11,111,111 Warrants issued on July 28, 2023 with an exerciseprice of $0.12 and an original expiry date of July 28, 2024 shall havetheir expiry date extended to the close of business August 12, 2024 tocoincide with the date the Incentive Program ends (“ Class 1 Warrants ”),721,778 Finders Warrants issued in conjunction with the Class 1Warrants with an exercise price of $0.12 and an original expiry dateof July 28, 2024 shall have their expiry date extended to the close ofbusiness August 12, 2024 (‘ Class 1 Finders Warrants ”), (ii) 6,096,325Warrants issued on September 20, 2022 with an exercise price of $0.15and an expiry date of September 20, 2024 (“ Class 2 Warrants ”),48,000 Finders Warrants issued in conjunction with the Class 2Warrants with an exercise price of $0.10 and an expiry date ofSeptember 20, 2024 (“ Class 2Finders Warrants ”), (iii) 6,180,041Warrants issued on October 20, 2023 with an exercise price of $0.15and an expiry date of October 20, 2024 (“ Class 3 Warrants ”),286,640 Finders Warrants issued in conjunction with the Class 3Warrants with an exercise price of $0.15 and an expiry date of October20, 2024 (“ Class 3 FindersWarrants ”), (iv) 12,258,471Warrants issued on April 26, 2024 with an exercise price of $0.10 andan expiry date of April 26, 2026 (“ Class 4 Warrants ”),and 32,000 Finders Warrants issued in conjunction with the Class 4Warrants with an exercise price of $0.10 and an expiry date of April26, 2026 (“ Class 4 FindersWarrants ”), (v) 850,000Compensation Warrants issued on August 14, 2020 with an exercise priceof $1.00 and an expiry date of December 1, 2024 (“ Class 5 Compensation Warrants ”) and (vi) 425,000 Compensation Warrants issued onOctober 29, 2021 with an exercise price of $1.25 and an expiry date ofDecember 1, 2024 (“ Class 6Compensation Warrants ”).
Holders of the Subject Warrants who wish to participatein the Incentive Program will be required to deliver their applicablewarrant exercise documents along with the applicable funds to theCompany, on or before the close of business August 12, 2024. TheSubject Warrants which remain unexercised as at the close of businessAugust 12, 2024, will immediately become subject to the original termsand conditions pursuant to which they were issued. All unexercisedClass 1 Warrants and Class 1 Finders Warrants, as of the close ofbusiness August 12, 2024 will be cancelled. The Company will use theproceeds from the exercise of the Subject Warrants for general workingcapital purposes.
The Incentive Warrants and the Incentive WarrantShares, if issued, will be subject to a statutory hold period of fourmonths and one day from the date of issuance of the IncentiveWarrants.
Kaleeg Hainsworth, Legible’s CEO stated, “TheCompany's board and management team believes the Warrant IncentiveProgram to be in the best interest of the Company and itsshareholders. This program will strengthen ourbalance sheet and accelerate multiple initiatives to drive revenue.”
Legible is a groundbreaking, mobile-centric globalcompany specializing in eBooks and audiobook entertainment. Itsextensive partnerships encompass four of the Big 5 Publishers, theworld's largest eBook distributor, and a wide range of outstanding andinnovative publishers of all sizes, enabling Legible to seamlesslydeliver millions of multilingual eBooks and audiobooks, transformingany smart device into a dynamic source of cutting-edge infotainment.
Legible’s publishing division has created theworld’s first LibrarianAI to offer personalized bookrecommendations and is revolutionizing the industry by craftingproprietary AI and multimedia-enriched books. Legible recentlyreleased My Model Kitchen -Vol. 1: Pasta , the first in a series of 15video-enriched Living Cookbooks by former supermodel, bestsellingauthor, TV host and celebrity chef, Cristina Ferrare, with an AI SousChef for each recipe.
As first mover in the rapidly expanding automotiveinfotainment market, Legible has partnered with Faurecia Aptoide,Harman Ignite, Live One, and Visteon and is also delivering itscontent into the dashboards of leading automakers that offer cars withGoogle built-in. Legible has the only Android Automotive app with thecapacity to deliver both audiobooks and eBooks to drivers andpassengers in tens of millions of vehicles around the globe,positioning Legible at the forefront of the new world of in-carinfotainment experiences.
Legible is reshaping the digital publishing landscape,committed to gaining a significant market share by providinginnovative 21st-century publishing solutions and enriching globalreading experiences.
Please visit Legible.com and discover the place where eBooks come to life.
Contact Legible Inc.
Ms. Deborah Harford
EVP, Global Strategic Partnerships
1 (672) 514-2665
(CSE: READ) (OTCQB: LEBGF) (FSE: D0T)
invest@legible.com
Website: https://invest.legible.com
Legible InvestorRelations
Mr. Neil Simon, CEO
Investor Cubed
Tel: +1 647-258-3310
E-mail: nsimon@investor3.ca
Cautionary Note Regarding ForwardLooking Information
This Press Release contains certain statements whichconstitute forward-looking statements or information(“forward-looking statements”), including statements regardingLegible’s business. Such forward-looking statements are subject tonumerous risks and uncertainties, some of which are beyond Legible'scontrol, including the impact of general economic conditions, industryconditions, currency fluctuations, the lack of availability ofqualified personnel or management, stock market volatility and theability to access sufficient capital from internal and externalsources. Although Legible believes that the expectations in itsforward-looking statements are reasonable, they are based on factorsand assumptions concerning future events which may prove to beinaccurate. Those factors and assumptions are based upon currentlyavailable information. Such statements are subject to known andunknown risks, uncertainties and other factors that could influenceactual results or events and cause actual results or events to differmaterially from those stated, anticipated or implied in the forward-looking information. As such, readers are cautioned not to place unduereliance on the forward-looking information, as no assurance can beprovided as to future results, levels of activity or achievements. Theforward-looking statements contained in this document are made as ofthe date of this document and, except as required by applicable law,Legible does not undertake any obligation to publicly update or torevise any of the included forward-looking statements, whether as aresult of new information, future events or otherwise. Theforward-looking statements contained in this document are expresslyqualified by this cautionary statement.
NOTFOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES
OR FOR DISSEMINATION IN UNITEDSTATES
Copyright (c) 2024 TheNewswire - All rights reserved.