Back in June of this year Future Farm Technologies revealed that they would be distributing 11,000,000 common shares of NexTech AR Solutions Corp to shareholders of Future Farm on a pro-rata basis. Now, the company have revealed new information regarding this offering and what is planned moving forward.
Future Farm previously mentioned that the effective date of the spin-out was August 31st, 2018 and under the terms of the spin-out, any holder of record of Future Farm common shares as of August 30th, 2018 was entitled to receive approximately 0.086145 of a NexTech common share. The company issues shares to those eligible to receive them by rounding them up or down to the next whole number.
Now the company is seeking to list the common shares on the Canadian Securities Exchange (CSE) but mentions that their is no guarantee that the shares will be listed on any stock exchange. Those who are shareholders in Future Farm have been advised to keep in mind that they will automatically be giving shares in NexTech in relation to the number of shares they currently own. Those who hold Further Farm shares in brokerage account that use a nominee such as CDS & CO, will find that the NexTech shares have been issues to the nominee. It is then their responsibility to notify broker participants as shares are to be allocated in accordance with the broke’s records.
NexTech are, for those unaware, the augmented reality (AR) company that Future Farm plans to spin-off and is planning to focus their efforts on the advancement and development of its revenue generating portfolio of gaming and all-in-one apps following the share distribution.
Back in July it was revealed that NexTech had signed a deal to bring ARHT Media’s holographic technology to the cannabis industry. The deal will see NexTech receiving an exclusive worldwide license with the company also agreeing to purchase a minimum of 12 holographic display units per year for the next five years, with ARHT earning royalties from the commercial use of each display.
As the spin-out of common shares continues and NexTech further their development efforts VRFocus will be sure to bring you all the latest in the future.