Final Bell Holdings International Announces Rights Offering and Provides Corporate Update

VANCOUVER, BC / ACCESSWIRE / July 22, 2024 / Final Bell Holdings International Ltd. has announced a rights offering to holders of its Class A and Class B shares as of the close of business on July 17, 2024. Each shareholder will receive one transferable right for every share held. The subscription price is US$0.015 per Class A share and US$1.50 per Class B share, with the offering aiming to raise up to US$5.1 million. The rights can be exercised until 5:00 p.m. on August 14, 2024.

Shareholders in Canada and eligible jurisdictions can participate, while others must meet specific conditions by August 2, 2024. Company's directors and officers are expected to exercise their rights. The raised funds will go towards debt servicing, professional fees, working capital, and general purposes. These rights will not trade on any stock exchange.

The company stated that it currently has 96,940,780 Class A and 2,433,231 Class B shares outstanding. If all rights are exercised, this will double the number of shares. Following the offering, a 1-for-10 share consolidation is planned. Further information will be released later.

The offering aligns with the company's new strategic direction set earlier this year, with the establishment of Final Bell Innovations Inc. The company aims to become a leader in asset-light, multi-jurisdictional management and intellectual property licensing in the cannabis industry. New subsidiaries, Final Bell MaaS and Final Bell Brand Co., have shown early success with promising brand launches and operations expansions.