- Increases Number of Dividend Shares to Nextech Shareholders by 100% to 3,200,000 Common Shares
- Nextech Direct Ownership of Shares to Increase
- Now Pursuing Direct Canadian Securities Exchange (CSE) Listing
TORONTO — (BUSINESS WIRE) — July 5, 2022 — Nextech AR Solutions Corp. (“Nextech” or the “Company”) (OTCQB: NEXCF) (CSE: NTAR) (FSE: N29) announces today that after further consideration, it has determined to pursue a direct spinout of its ARitize Maps platform through a wholly-owned subsidiary of the Company (“Subco”). The transaction is currently anticipated to proceed by way of plan of arrangement (the “Arrangement”) pursuant to which the ARitize Maps platform and associated assets will be spun out into a new Subco, but will be subject to final tax and legal structuring considerations.
The Arrangement, if completed, is anticipated to result in, among other things, (i) Nextech retaining approximately 65% of the issued and outstanding shares of Subco (“Subco Shares”) upon completion of the transaction, (ii) approximately 20% of the Subco Shares being distributed to Nextech shareholders on a pro rata basis, as a dividend or return of capital; and (iii) approximately 15% of the Subco...