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Health

ProMIS Neurosciences Announces Authorization of Series 1 Preferred Shares

Richard Powell  2 min read

ProMIS Neurosciences Inc. (TSX: PMN) (OTCQB: ARFXF) (“ProMIS” or the “Company”), a biotechnology company focused on the discovery and development of antibody therapeutics targeting misfolded proteins such as toxic oligomers, implicated in the development of neurodegenerative diseases, today announced that it has amended its articles to authorize the issuance of 70,000,000 Series 1 Preferred Shares (“Series 1 Shares”) which it intends to use in settlement of its outstanding debentures.

  Holders of Series 1 Shares will be entitled to participate, on an as-converted basis, in dividend payments only if the Company declares, pays or sets aside any dividends on shares of any other class or series of capital stock.  The Series 1 Shares are not subject to mandatory redemption or other redemption provisions and do not confer any voting rights or privileges to the holders.  Holders of the Series 1 Shares shall be entitled to a liquidation preference in an amount per share equal to US$0.10.   Series 1 Shares are convertible at the option of the holder, in a 1:1 ratio, into the Company’s Common Shares (“Common Shares”). All outstanding Series 1 Shares shall automatically convert into Common Shares, at the effective conversion rate, upon the closing of one or more sales of equity securities resulting in at least US$30 million of gross proceeds to the Company.

 

ProMIS Neurosciences Inc. is a development stage biotechnology Corporation focused on discovering and developing antibody therapeutics selectively targeting toxic oligomers implicated in the development and progression of neurodegenerative diseases, in particular Alzheimer’s disease (AD), amyotrophic lateral sclerosis (ALS) and multiple system atrophy (MSA). The Corporation’s proprietary target discovery engine is based on the use of two complementary techniques. The Corporation applies its thermodynamic, computational discovery platform - ProMIS™ and Collective Coordinates - to predict novel targets known as Disease Specific Epitopes on the molecular surface of misfolded proteins. Using this unique approach, ProMIS is developing novel antibody therapeutics for AD, ALS and MSA. ProMIS is headquartered in Toronto, Ontario, Canada with offices in Cambridge, Massachusetts, U.S.A. ProMIS is listed on the Toronto Stock Exchange (TSX) under symbol PMN, and on the OTCQB Venture Market under symbol ARFXF.

 

www.promisneurosciences.com, follow on Twitter and LinkedIn

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