DanCann Pharma A/S: Calls for an Extraordinary General Meeting regarding New Authorizations and Reduction of Share Capital in Preparation for Reverse Stock Split

COPENHAGEN, Denmark, 24 September 2024 - DanCann Pharma A/S (SS: DANCAN) ("DanCann Pharma" or the "Company"), a Danish company powered by cannabinoids, announces further details regarding the notice of an extraordinary general meeting ("EGM") and the matters to be discussed.

DanCann Pharma has called for an EGM to be held on Monday, 7 October 2024 at 09:00 am (CET), based on the recommendation of the Board of Directors. At the EGM, it will be proposed to reduce the Company’s nominal share capital by transferring the amount to a special reserve fund. The capital reduction is completed by way of a proportionate reduction of the nominal value of each share of the Company from nominally DKK 0.01 to nominally DKK 0.001.

 

This reduction, and especially the proposal to reduce the Company’s nominal share capital by transferring the amount to a special reserve fund, is intended to facilitate the previously announced reverse stock split, aimed at stabilizing the trading of the Company’s shares.

 

Specifically, it is proposed to reduce the Company’s share capital by DKK 13,869,911.106, from DKK 15,411,012.34 to DKK 1,541,101.234, by transferring the amount to a special reserve fund (in Danish: henlæggelse til særlig reserve), in accordance with section 188(1)(3) of the Danish Companies Act. The total number of outstanding shares is unaffected by the capital reduction, and each shareholder’s holding of shares is unchanged.

 

Additionally, the Board will propose that the Board is given new authorizations (to issue shares and warrants) to align certain prior authorizations following the most recent rights issue. Adoption of these proposals will allow for future targeted share issuances, with a focus on strengthening the Company’s capital base or for potential acquisitions.

 

The full agenda for the EGM is available in the official notice of the EGM published in a separate press release and on the Company’s website.

 

 

About DanCann Pharma A/S

DanCann Pharma A/S (SS: DANCAN) was founded in 2018 and is a Danish biopharmaceutical Company powered by cannabinoids.

DanCann Pharma A/S (SS: DANCAN) is listed on the Spotlight Stock Market in Copenhagen/Stockholm.

For more information, visit: https://www.dancann.com

 

For further information, please contact:

Jeppe Krog Rasmussen, CEO

E-mail: [email protected]

 

Forward-looking-statement:

Some statements in this release may contain forward-looking information. All statements, other than of historical fact, that address activities, events, or developments that the Company believes, expects, or anticipates will or may occur in the future (including, without limitation, statements regarding potential acquisitions and financings) are forward-looking statements. Forward-looking statements are generally identifiable by use of the words "may", "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "plan" or "project" or the negative of these words or other variations on these words or comparable terminology.

Forward-looking statements are subject to several risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, the inability of the Company, to obtain sufficient financing to execute the Company’s business plan; competition; regulation and anticipated and unanticipated costs and delays, the success of the Company’s research strategies, the applicability of the discoveries made therein, the successful and timely completion and uncertainties related to the regulatory process, the timing and outcomes of regulatory or intellectual property decisions and other risks disclosed in the Company's public disclosure record on file with the relevant securities regulatory authorities.

Although the Company has attempted to identify important factors that could cause actual results or events to differ materially from those described in forward-looking statements, there may be other factors that cause results or events not to be as anticipated, estimated or intended. Readers should not place undue reliance on forward-looking statements. The forward-looking statements included in this presentation are made as of the date of this presentation and the Company does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities legislation.