Mednow Receives DTC Eligibility and Amends Stock Option Plan
July 07, 2021 07:00 AM Eastern Daylight Time
TORONTO–(BUSINESS WIRE)–Mednow Inc. (“Mednow” or the “Company”) (TSXV:MNOW, OTCQB:MDNWF), Canada’s on-demand virtual pharmacy, is pleased to announce that the Company has received confirmation from The Depository Trust Company (“DTC”) that its common shares (“Common Shares”) are now eligible for electronic clearing and settlement through DTC in the United States. The DTC eligibility will facilitate the trading of the Common Shares on the OTCQB exchange.
“With DTC eligibility now secured, we look forward to increasing the pool of investors that can join us in our quest to re-imagine the way healthcare is delivered” Tweet this
DTC is a subsidiary of The Depository Trust & Clearing Corporation, a United States company that manages the electronic clearing and settlement of publicly-traded companies. Securities that are eligible to be electronically cleared and settled through DTC are considered “DTC eligible.” This electronic method of clearing securities speeds up the receipt of stock and cash and thus accelerates the settlement process for investors and brokers, enabling the stock to be traded over a much wider selection of brokerage firms.
“With DTC eligibility now secured, we look forward to increasing the pool of investors that can join us in our quest to re-imagine the way healthcare is delivered,” said Karim Nassar, CEO of Mednow.
Stock Option Plan Amendments and Grants
The Company has also announced that the Board of Directors has approved of amending its current stock option plan to replace the previous rolling stock option plan (the “Old Plan”) with a 20% fixed stock option plan (the “New Plan”). Under the New Plan, the Company may issue up to an aggregate total of 4,372,132 stock options to purchase common shares in the capital of the Company (each and “Option”).
The Company also announces the grant of a total of 870,000 Options to certain officers, directors and consultants of the Company pursuant to the New Plan. Subject to the policies of the TSX Venture Exchange (the “TSXV”) and the terms and conditions of the New Plan, the Options will have an exercise price equal to $1.85 and shall expire five years from the date of grant and shall vest over four years.
The amendment of the Old Plan is subject to: (i) the approval of the TSXV and (ii) the approval and ratification of disinterested shareholders of the Company, which approval will be sought at the Company’s next annual general meeting (the “Meeting”). At the Meeting, the Company will also seek disinterested shareholder approval for the ratification of the Options granted under the New Plan.
About Mednow Inc.
Mednow is a healthcare technology company offering virtual access with exceptional care. Designed with access and quality care in mind, Mednow.ca provides virtual pharmacy services with convenience and through an interdisciplinary approach to healthcare that is focused on the patient experience. Pharmacy services include free at-home delivery of medications, a user-friendly interface for easy upload, transfer and refill of prescriptions, access to healthcare professionals through an intuitive chat experience, a specialized PillSmart™ system that packages prescriptions and vitamins by date and time, as well as access to telemedicine.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.