Avant Brands announces 30-for-1 share consolidation

Avant Brands will consolidate its outstanding common shares on the basis of thirty existing common shares for one new common share of the Company. In accordance with the articles of the Company, the Consolidation has been approved by the board of directors of the Company, and shareholder approval is not required. The effective date for the Consolidation is Friday, August 30, 2024. As of the date of this news release, the Company has 316,342,373 common shares issued and outstanding. Following completion of the Consolidation, the Company is expected to have approximately 10,544,745 common shares issued and outstanding, subject to rounding. No fractional post-Consolidation common shares will be issued as a result of the Consolidation. The holdings of any shareholder who would otherwise be entitled to receive a fractional share as a result of the Consolidation shall be rounded up to the next higher whole number if the fraction is 0.5 or greater, and rounded down to the next lower whole number if the fraction is less than 0.5.