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(via TheNewswire)
SYDNEY, AUSTRALIA – TheNewswire - June 2, 2022 / AdRabbit Limited (TSXV:RABI) / (ASX:RAB) (the "Company"), an AI-based advertising and marketing platform for small and medium companies, announces that, further to its press release dated March 23, 2022, its fully paid ordinary shares (the "Shares") were suspended from official quotation on the Australian Securities Exchange (the "ASX") after the close of market on May 30, 2022, and subsequently removed from the Official List of the ASX (the "De-Listing") effective at the close of market on Thursday, June 2, 2022 (the "De-Listing Date"). In accordance with Listing Rule 17.11, as previously announced, the ASX imposed a requirement for the Company to obtain shareholder approval for the De-Listing, which was obtained at the Extraordinary General Meeting of Shareholders of the Company held on May 2, 2022. Following the De-Listing, the Shares will continue to trade on the TSX Venture Exchange (the "TSXV") under the stock symbol "RABI".
As at the date hereof, approximately 80,285,515 fully paid ordinary shares have been moved by shareholders to the Company's Canadian transfer agent, Odyssey Trust Company, allowing them to trade on the TSXV, which represents approximately 44% of all voting shares currently issued and outstanding. The Company anticipates that these numbers may continue to increase following the De-Listing Date.
After the De-Listing Date, as previously announced, Australian-based shareholders who wish to sell their Shares will need to make arrangements with a broker that is registered with the TSXV. The TSXV publishes a directory of TSX Venture Exchange Members who can assist security holders in the disposal of their securities, which can be found on its website at: https://www.tsx.com/trading/accessing-our-markets/member-firm-directory?l=A.
On the De-Listing Date, Shares in the Company will no longer be quoted or traded on the ASX and shareholders will only be able to sell their Shares via on-market sales on the TSXV or off-market private transactions (subject to compliance with the Corporations Act 2001 (Cth) (the "Corporations Act")).
After the Company has been removed from the Official List of the ASX, the Company will no longer have the capability to update shareholders and the market via the ASX platform. In addition, and as previously announced, while the Company continues to have in excess of 100 Shareholders: (i) the Company will remain subject to the continuous disclosure regime under section 675 of the Corporations Act; (ii) the Company will continue to be subject to obligations to prepare audited annual and half-yearly financial statements under Part 2M.3 of the Corporations Act (in addition to the requirements under applicable Canadian securities laws, such as the requirement to file quarterly interim financial statements and annual audited financial statements); and (iii) the Company will be required to hold an annual general meeting of shareholders at least once each calendar year and within five months after the end of its financial year in accordance with section 250N of the Corporations Act.
The Company will continue to post the required information on the Company's profile on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com as required by applicable Canadian securities laws and the policies of the TSXV or on the Company's website: https://ad-rabbit.com/.
The Company further announces that effective as of the De-Listing Date, under Canadian securities laws, the Company will no longer qualify as a "designated foreign issuer" as defined under National Instrument 71-102 - Continuous Disclosure and Other Exemptions Relating to Foreign Issuers, and it will be required to comply with all applicable Canadian continuous disclosure requirements applicable to a reporting issuer in the applicable provinces of Canada.
For further information, please contact:
David Hwang
Company Secretary
About AdRabbit Limited
AdRabbit develops an AI-based advertising and marketing platform for small and medium companies that enables them to run automated large-scale advertising and marketing campaigns both online and on social media, including top-tier networks such as Facebook.
The AdRabbit platform provides a complete advertising cycle, from ad design and creation, budget and channel recommendations, analytics, and campaign management, to the lead funnel.
The AdRabbit platform is accessible as a mobile application on iOS and Android.
AdRabbit's ordinary shares commenced trading on the TSX Venture Exchange under the stock symbol "RABI" effective February 7, 2022.
TSX Venture Exchange
Neither the Exchange nor its Regulation Services Provider (as such term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Caution Regarding Forward Looking Statements
The information in this news release includes certain information and statements about management’s view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties, including those “Risk Factors” contained in the Listing Application of the Company dated November 15, 2021 and available at www.sedar.com. Forward looking statements in this news release include, but are not limited to, the anticipated increase to the number of voting Shares moved over by shareholders to the Canadian register. Because of these risks and uncertainties, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward-looking statements. Although the Company believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statement will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.
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