Liquid Meta Provides Corporate Update
- Announces the discontinuation of operations including the legacy liquidity mining operation and development of the Meta Bridge platform technology.
- Cancellation of certain outstanding stock options.
- Appointment of Michael Ostfield to the Company's Board of Directors.
TORONTO, May 29, 2023 /CNW/ - Liquid Meta Capital Holdings Ltd. ("Liquid Meta" or the "Company") (NEO: LIQD) (FRANKFURT: N5F) (OTCQB: LIQQF) announced an update of its strategic review process initiated by the board of directors of the Company (the "Board") to evaluate potential strategic alternatives to preserve and maximize value to shareholders of the Company and consider a range of options available to the Company, including, but not limited to, a sale, merger, divestiture, return of capital, other strategic transactions or continuing to operate as an independent public company (the "Strategic Review"), as previously disclosed in the Company's press releases dated December 21, 2022 and March 9, 2023. As part of its Strategic Review, the Board determined that it is desirable and in the best interest of the Company to discontinue the operations of the Company's liquidity crypto mining business and discontinue the development of the Company's MetaBridge technology, following which the Company will have no active business operations.
Liquid Meta announces that it has cancelled an aggregate of 2,000,000 stock options (the "Cancelled Options") previously held by certain directors, officers, and employees of the Company. The Cancelled Options had an exercise price of US$1.00 per share and an expiry date of December 17, 2026.
Under the Company's equity incentive compensation plan (the "Plan"), the Company may grant up to an aggregate of 8,075,587 stock options representing an aggregate of 15% of the issued and outstanding common shares of the Company. Upon the cancellation of the Cancelled Options, the Company will have 775,755 stock options outstanding under the Plan.
The Company is also pleased to announce the appointment of Michael Ostfield as a director of the Board. Mr. Ostfield is a CFA Charterholder and financial services professional in Canada with over two decades of experience. Mr. Ostfield is a graduate of the University of Waterloo and former Advising Representative and Portfolio Manager for several Multi-Strategy Alternative Investment Funds. Michael's experience in the Canadian small-cap and mid-cap capital markets and his analytical capabilities will assist Liquid Meta with its Strategic Review.
About Liquid Meta
For further information:
Jonathan Wiesblatt, President, CEO
Liquid Meta Investor Relations
[email protected]
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Cautionary Notice
Neo Exchange has not reviewed or approved this press release for the adequacy or accuracy of its contents.
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Liquid Meta to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption "Risks and Uncertainties" in the Company's Filing Statement dated as of December 17, 2021 which is available for view on SEDAR at www.sedar.com. Forward-looking statements contained herein are made as of the date of this press release and Liquid Meta disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
SOURCE Liquid Meta Capital Holdings Ltd
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