VANCOUVER, BC, Oct. 29, 2021 /PRNewswire/ – PODA HOLDINGS, INC. (“Poda” or the “Company”) (CSE: PODA) (FSE: 99L) (OTC: PODAF) is pleased to announce its intention to initiate a normal course issuer bid (the “NCIB”) with respect to its outstanding subordinated voting shares (the “Subordinate Voting Shares”) through the facilities of the Canadian Securities Exchange (the “CSE”).
Under the terms of the NCIB, the Company may purchase up to 2,787,361 Subordinate Voting Shares, representing 5% of the issued and outstanding shares of that class as of the date of this news release, through the facilities of the CSE. The NICB will commence on November 4th, 2021, (the “Commencement Date”) and may extend for a period of up to 12 months from the Commencement Date.
“Poda is focused on the commercialization of our proprietary closed-ended pods, and we are well-capitalized to execute on our critical business objectives. We also recognize that this is a pivotal inflection point for the Company and an attractive investment,” said Ryan Selby, CEO of Poda Holdings, Inc. “Poda's NCIB is a clear indicator to shareholders regarding our financial health and our confidence in the Company and its near-term commercial goals.”
The actual number of Subordinate Voting Shares purchased under the NCIB, the timing of the purchases, and the price per share will depend on market conditions and shall be in compliance with CSE policy and National Instrument 62-104. All purchases by the Company under the NCIB will be made through Haywood Securities Inc., as broker dealer of the Company, and all Subordinate Voting Shares purchased under the NCIB will be cancelled.
The Company anticipates that the NCIB will help align the market price of the Subordinate Voting Shares with the underlying value of the Company. The Board of Directors believes that the NCIB is in the best interests of the Company and represents an appropriate use of corporate funds to enhance value and liquidity for its shareholders.
On Behalf of the Board,
CEO, Director, and Chairman of the Board
ABOUT PODA HOLDINGS
Poda Holdings, Inc. (“Poda” or the “Company”) is actively engaged in the global commercialization of heat-not-burn (“HNB”) smoking products, which have the potential to reduce the risks associated with combustible smoking products. The Company has developed a patented HNB system that uses proprietary biodegradable single-use pods, which are both consumer and environmentally friendly. The innovative design of the Company's HNB platform prevents cross-contamination between the heating devices and the pods, eliminating all cleaning requirements and providing users with the most convenient and enjoyable potentially-reduced-risk smoking experience. Poda's HNB system is fully patented in Canada and is patent pending in over 60 additional countries, covering almost 70% of the global population. The Company's Poda Pods are the first and only cigarettes to have a completely closed end. This exclusive design eliminates all cleaning requirements and provides a truly ashless HNB cigarette. Poda's fully patented system is one of a kind and solves the major pain-point that other HNB products suffer from: daily cleaning requirements. The Company's flagship Beyond Burn™ Poda Pods contain a unique tobacco-free blend of pelletized tea leaves infused with synthetic nicotine, which provides adult smokers with a smoke-free alternative to their regular habit without sacrificing satisfaction. Beyond Burn™ Poda Pods have been expertly crafted to mimic the sensorial experience of traditional cigarettes without the smoke, without the smell, and without the tobacco.
This news release contains “forward-looking information” within the meaning of applicable securities laws. Although Poda Holdings believes, in light of the experience of its officers and directors, current conditions, and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because Poda Holdings can give no assurance that they will prove to be correct. Forward looking statements used in this news release include, but are not limited to, statements regarding future purchases of Subordinate Voting Shares under the NCIB, the commencement and duration of the NCIB, future market conditions, and the potential for the NCIB to align the market price of the Subordinate Voting Shares with the underlying value of the Company. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements. The statements in this press release are made as of the date of this release. Poda Holdings undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of Poda Holdings, its securities, or financial or operating results (as applicable). Poda Holdings disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
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SOURCE Poda Lifestyle and Wellness Ltd.