During the third quarter of 2023, the Company completed an evaluation of the transactions relating to the Arrangement Agreement with
Share capital (1)
Listing expense (2)
Finance costs (1)
General and administrative (1)
Calculation of weighted average shares outstanding of the Resulting Issuer
With respect to Finance costs, Share capital and General and administrative, the Company erroneously accelerated accretion on certain loans and borrowings balances that converted to Share capital of the Company upon the Reverse Takeover Transaction, where the amount transferred should have been at the carrying value as at the date of the Reverse Takeover Transaction. Correction of this error resulted in a
With respect to Listing expense, the Company erroneously recorded the settlement of the Phoenix Unit, a pre-existing contractual relationship, at the carrying value as opposed to estimating the fair value of the Unit and recording any resulting gain or loss on settlement. Correction of this error resulted in a
In addition, in conjunction with this review, Management also identified a revision required respecting General and Administrative expense and a corresponding entry to Accounts payable in the amount of
Grant of Stock Options
Pursuant to the Company's omnibus equity compensation plan (the 'Omnibus Plan'), the Company announced that it has granted stock options to officers, senior management and employees to purchase up to an aggregate of 1,640,000 common shares of the Company; of this amount, 625,000 stock options have been granted to officers of the Company. The stock options have been priced at
About
ZYUS is a publicly traded Canadian-based life sciences company focused on the global development and commercialization of regulated cannabinoid-based pharmaceutical drug product candidates. Through clinical research, ZYUS is committed to furthering the understanding of cannabinoids with the clinical development of its pharmaceutical drug product candidates and intellectual property activities to protect its novel formulations. Additionally, ZYUS is dedicated to delivering high quality, cGMP/EU GMP-compliant cannabinoid products to patients through the exempt global medical market. The ZYUS vision is to reimagine the potential of pain therapeutics by pursuing regulatory approval of cannabinoid formulations and elevating cannabinoids as a standard of care in pursuit of transformational impact on patients' lives. ZYUS: Advancing the Science of Well-Being.
Cautionary Note Regarding Forward-Looking Statements
This news release contains 'forward-looking information' within the meaning of applicable securities laws relating to the Company's business, the Company's ability to advance clinical research activities and further operations, realize on its objectives and obtain regulatory approval of cannabinoid-based pharmaceutical drug product candidates and introduce products that act as alternatives to current pain management therapies. Any such forward-looking statements may be identified by words such as 'expects', 'anticipates', 'intends', 'contemplates', 'believes', 'projects', 'plans' and similar expressions. Readers are cautioned not to place undue reliance on forward-looking statements. Statements about, among other things, the Company's business, the Company's ability to advance clinical research activities and further operations, realize on its objectives and obtain regulatory approval of cannabinoid-based pharmaceutical drug product candidates and introduce products that act as alternatives to current pain management therapies are all forward-looking information. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, there can be no assurance that the Company will be able to advance its clinical research activities and further operations, realize its objectives and obtain regulatory approval of cannabinoid-based pharmaceutical drug product candidates or introduce products that act as alternatives to current pain management therapies. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances or actual results unless required by applicable law.
Contact:
Email: media@zyus.com
Tel: 1-833-651-7723
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