Genifi Inc. Announces Dividend
April 02, 2025 7:30 AM EDT | Source: Genifi Inc.
Toronto, Ontario--(Newsfile Corp. - April 2, 2025) - Genifi Inc. (TSXV: GNFI) ("genifi" or the "Company") today announced that further to the special meeting of shareholders of the Company held on March 21, 2025 at which shareholders approved a special resolution relating to the liquidation and dissolution of the Company, the Board of Directors (the "Board") has approved a one-time dividend of Cdn$0.0116 per share (the "Dividend") for holders of record of common shares of the Company ("Common Shares") on April 10, 2025 (the "Record Date") and payable in cash on April 16, 2025 (the "Payment Date").
Subject to confirmation from the TSX Venture Exchange, genifi expects the Common Shares to commence trading on a "due bill" basis at the opening of trading on April 10, 2025 and to commence trading "ex-distribution" on April 17, 2025. The due bill redemption date will be April 17, 2025.
The Dividend will result in the distribution of substantially all of the assets of the Company to its shareholders in anticipation of the completion of the Company's dissolution. It is anticipated that forthwith following the Payment Date that the Company will proceed to file articles of dissolution to terminate the Company's existence, following which the Company's common shares will cease to trade on the TSX Venture Exchange.
About Due Bill Trading
Due bills represent entitlements to cash and will attach to the Common Shares between the first trading day prior to the Record Date and the Payment Date, allowing Common Shares to carry the value of the entitlement to the distribution until it is paid. When due bills are used, the ex-distribution date is deferred to the first trading day after the Payment Date.
About Genifi Inc.
Further information on the Company can be found at www.genifi.com.
Forward-Looking Statements
This press release includes forward-looking statements regarding genifi and its business. Such statements are based on the current expectations and views of future events of genifi's management. In some cases the forward-looking statements can be identified by words or phrases such as "may", "will", "expect", "plan", "anticipate", "intend", "potential", "estimate", "believe" or the negative of these terms, or other similar expressions intended to identify forward-looking statements. Forward-looking statements in this press release include, but are not limited to, statements regarding the Dividend, including the expected per share amounts of the Dividend, the expected timing of the Dividend, the use of due bills and the expected timing of the filing of articles of dissolution. Although genifi believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, and that information obtained from third party sources is reliable, they can give no assurance that those expectations will prove to have been correct.
Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, risk factors set forth in genifi's Management's Discussion and Analysis for the period ended September 30, 2024, a copy of which is filed on SEDAR+ at www.sedarplus.ca. Readers are cautioned that this list of risk factors should not be construed as exhaustive. These statements are made as at the date hereof and unless otherwise required by law, genifi does not intend, or assume any obligation, to update these forward-looking statements..
The per share amounts of the Dividend disclosed in this press release are based on the number of Common Shares outstanding as of close of business on April 2, 2025, being 144,287,403 Common Shares. The actual per share amount of the Dividend will be based on the number of Common Shares issued and outstanding as of close of business on the Record Date.
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.
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