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VANCOUVER, British Columbia, July 14, 2020 (GLOBE NEWSWIRE) -- NexOptic Technology Corp. (“NexOptic” or the “Company”) (TSX VENTURE: NXO) (OTCQB: NXOPF) (FSE: E3O1), hereby provides notice that the 30-day accelerated exercise provision attached to NexOptic share purchase warrants that were approved for re-pricing from $0.60 to $0.36 in June of this year is now in effect. Warrant holders have until 4:00 PM PST (Vancouver time) on August 13, 2020 to exercise any outstanding warrants, after which the warrants will have expired and all unexercised warrants will be void and of no effect.
Of 7,531,449 warrants in question, 2,924,949 (approximately 40%) have already been exercised for gross proceeds of $1,052,981.64 to the Company.
In accordance with the policies of the TSXV Venture Exchange ("TSX-V"), upon a re-pricing of warrants to an exercise price below market at the time of issuance, an acceleration provision must be added such that in the event that the market price of the Company’s shares exceeds a certain level, a mandatory acceleration of the warrant term to 30 days from the date of such trading threshold being met applies. In the case for NexOptic, if the closing common share price on the TSX-V was $0.45 or above for 10 consecutive trading days, the acceleration provision automatically comes into effect. This threshold occurred at 1 PM, PST today.
Additional details of the warrants and their repricing can be found in the Company’s May 29, 2020 news release.
The NexOptic team wishes to thank its share and warrant holders for their continued strong support.
About NexOptic Technology Corp.
NexOptic is an innovative imaging AI company based in Vancouver, Canada. We are a Preferred Partner in the NVIDIA Partner Network and our All Light Intelligent Imaging Solutions (“ALIIS™”), is being optimized into the Qualcomm® Platform Solutions Ecosystem for select Qualcomm® Snapdragon™ mobile platforms. The Company is also engaged in the development of its award winning sports-optic device, DoubleTake as well as mobile lens solutions. Find out more at www.nexoptic.com
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This press release contains forward-looking information and forward-looking statements within the meaning of applicable securities laws, including, but not limited to, statements with respect to expectations concerning the likely exercise of the warrants. The reader is cautioned that forward- looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions, and other factors which are difficult to predict and that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Forward-looking statements are based on the then current expectations, beliefs, assumptions, estimates and forecasts about the business and the industry and markets in which the Company operates and are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations, including, among others: risks associated with the public markets and the volatility and value of the Company’s common shares, risks associated with the Company’s ability to raise financing; and other risks inherent with technology and product development and the business of the Company. Such forward-looking statements should therefore be construed considering such factors. Other than in accordance with its legal or regulatory obligations, the Company is not under any obligation and it expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether because of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.