Lobe Sciences Ltd. (OTCQB:LOBEF), the Vancouver-based life sciences company focused on developing transformational psychedelic medicines through drug R&A, recently announced the implementation of a consolidation of their common shares on the basis of one post-consolidation share for every six pre-consolidation shares. The measure will become effective on June 9.
The company's R&A approach involves predominantly studies of psychedelics psilocybin and MDMA combined with NAC in microdoses for the treatment of mTBI and PTSD, as well as patenting pending medical devices and a virtual reality integration to improve efficiency and raise response to treatment.
Philip J. Young, CEO & director of Lobe Sciences, presented at the 2021 Benzinga Healthcare Small Cap Conference on psychedelics and transformative medicine.
Besides their presence at the venture market (OTCQB), the company began trading at the Canadian Securities Exchange (CSE) back in November 2020 under the trading symbol "LOBE". The new consolidation will not change the Company's name nor its trading symbols to date.
According to a recent press release, the company currently has 229,383,983 shares issued and outstanding. Following the consolidation, there will be approximately 38,230,000 Shares issued and outstanding. No fractional shares will be issued, and any fraction of a share will be rounded up to the nearest whole number of shares.
The shares will trade on a post-consolidation basis under the new CUSIP #53946V206 and ISIN #CA53946V2066. They are expected to begin trading on the post-consolidation basis on the CSE when markets open on June 9.
Regarding the exercise or conversion price and the number of shares issuable under any of the company's outstanding convertible securities, they will be proportionately adjusted upon the effectiveness of the consolidation.