M Pharmaceutical changes name to Callitas Health
M PHARMACEUTICAL Inc. has changed its name to Callitas Health Inc., in conjunction with a share consolidation on the basis of one new Callitas share for each 10 old M Pharma shares. No fractional shares will be issued, and all fractional shares will be rounded to the nearest whole number. A letter of transmittal is being sent to each shareholder explaining the exchange process.
The company has also converted $2.5-million (U.S.) of vendor debt owing in respect to its recent acquisitions of assets from 40 J’s LLC into 62,500,003 common shares at a conversion price of five cents (50 cents postconsolidation) per share.
These shares will be subject to trading restrictions until Jan. 18, 2018. A total of 13,166,667 shares went to current insiders. Payment of the balance of approximately $1-million (U.S.) owing to the vendors from this acquisition has been deferred and will be paid out of operating cash surpluses or from future financing.
Postconsolidation the company will have 32,462,095 common shares outstanding, and 38,065,275 on a fully diluted basis. The company feels that this consolidation will see its shares trading at levels comparable with its peers, and certain investors that were unable to invest when its shares were trading at less than 10 cents are now able to do so. A comprehensive update news release is scheduled to be released the first part of next week.
A total of 200,000 shares were also issued at a deemed price of five cents (50 cents postconsolidation) to an arm’s-length party pursuant to a service agreement. These shares will be subject to trading restrictions until Jan. 18, 2018.
As a clinical-stage company developing innovative technologies for weight management and female health and wellness, the new name reflects its broader commitment to drive the innovations needed to shape the future of health care. The new corporate website reflects the company’s new name.
“Our new name, Callitas Health Inc., matches the recent name change of our operating U.S. subsidiary to Callitas Therapeutics Inc , and reflects our wide-ranging business objective of developing and delivering innovative technologies for weight management and female health and wellness,” said Gary Thompson, president and chief executive officer. “As a company with its roots in female health and wellness, we are committed to delivering breakthrough products and services that truly improve daily living. Aligning our logo with the beautiful and strong Calla lily seems most appropriate in light of our mission.”
About Callitas Health Inc.
Callitas is a clinical-stage company developing innovative technologies for obesity, weight management, and female health and wellness. In addition to its recent acquisitions of C-103, a reformulation of Orlistat, and assets from 40 J’s LLC, Callitas is scheduled to launch its Food and Drug Administration-cleared fertility product branded as ToConceive some time in September, 2017.
We seek Safe Harbor.
Christopher Andrews, John Anthony Duckett, Donald Richard Skeith, George Tsafalas, Kim Whittemore
(MQ) Shares: 252,053,712