Ayr Wellness sends reminders to shareholders about warrant expiration

Ayr Wellness sends reminders to shareholders about warrant expiration

Shareholders have a chance exercise their warrants, but time is running out

Leading vertically integrated multi-state cannabis operator Ayr Wellness has shared an announcement to remind shareholders to take immediate action regarding the exercise of warrants. The right to convert the company’s share purchase warrants into Ayr shares will expire on September 30, which means there is little time to take action on the matter. As an extra reminder, the company reports that the warrants must be withdrawn from Clearing and Depository Services Inc. to allow for cash or non-cash incentive exercises before the expiration date arrives.

Late last month, Ayr had shared the full details of the process for converting the warrants; however, the information was reiterated earlier this week. In the event that the warrants are not converted by September 30, they will expire worthless to the warrant holder. Ayr does not want this to happen, so is calling for this action to be taken as soon as possible, especially since the process of retiring CDS warrants and converting them into Ayr shares can take several business days.

The Canadian Securities Exchange yesterday made it clear in a bulletin that all trades made from September 24 to 29 will be for cash settlement on the same day. For trades during that same period, there may not be enough time to allow the warrants to be removed from the CDS to allow for cashless or cash incentive exercises before the expiration date arrives. In addition, warrants purchased during the same period will remain eligible for regular exercise at the exercise price; however, exercise instructions and payment must be submitted before the end of the day on September 29. Finally, it was noted that trading will end at noon on September 29 and will remain halted until delisted at the close of the market on September 30.

Ayr reminds shareholders that September 30 is a national holiday, so cash exercises must be made the day before at the latest. If not exercised before the expiration date, the warrants will expire worthless.

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