Under the Rights Offering, DIRTT issued 85,714,285 common shares of the Company (“Common Shares”) at a price of
In accordance with applicable law, the Rights Offering included an additional subscription privilege (the "Additional Subscription Privilege") under which eligible holders of Rights who fully exercised the Rights issued to them under their Basic Subscription Privilege were entitled to subscribe for additional Common Shares, on a pro rata basis, that were not otherwise subscribed for under the Basic Subscription Privilege.
DIRTT issued an aggregate of 67,379,471 Common Shares pursuant to the Basic Subscription Privilege and 18,334,814 Common Shares pursuant to the Additional Subscription Privilege. As a result of the Common Shares issued under the Basic Subscription Privilege and Additional Subscription Privilege, no Common Shares were available for issuance pursuant to the standby commitment provided by 22NW
To the knowledge of the Company after reasonable inquiry, directors, officers and other insiders of the Company before the Rights Offering (including the Standby Purchasers), as a group, acquired approximately 47,552,815 Common Shares under the Basic Subscription Privilege and 13,821,838 Common Shares under the Additional Subscription Privilege for an aggregate of approximately 61,374,653 Common Shares acquired under the Rights Offering, representing total subscription proceeds of approximately
To the knowledge of the Company after reasonable inquiry, all other persons, as a group, acquired approximately 19,826,656 Common Shares under the Basic Subscription Privilege and 4,512,976 Common Shares under the Additional Subscription Privilege for an aggregate of approximately 24,339,632 Common Shares acquired under the Rights Offering, representing total subscription proceeds of approximately
As of the closing date of the Rights Offering, there were 191,091,952 Common Shares issued and outstanding.
No fees or commissions were paid in connection with the solicitation of the exercise of Rights under the Rights Offering; however, DIRTT will reimburse the Standby Purchasers for their reasonable expenses in connection with the Standby Purchase Agreement up to a maximum of
The Rights Offering and the Standby Purchase Agreement may be considered "related party transactions" under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Rights Offering, including the Standby Purchase Agreement, is exempt from the requirements of MI 61-101, pursuant to section 5.1(k) of MI 61-101.
A registration statement on Form S-1 (File No. 333-275172) relating to the Rights Offering was filed with and declared effective by the
ABOUT DIRTT
DIRTT is a leader in industrialized construction. DIRTT’s system of physical products and digital tools empowers organizations, together with construction and design leaders, to build high-performing, adaptable, interior environments. Operating in the workplace, healthcare, education, and public sector markets, DIRTT’s system provides total design freedom, and greater certainty in cost, schedule, and outcomes. DIRTT’s interior construction solutions are designed to be highly flexible and adaptable, enabling organizations to easily reconfigure their spaces as their needs evolve. Headquartered in
FOR FURTHER INFORMATION, PLEASE CONTACT
DIRTT Investor Relations at ir@dirtt.com
Source:
2024 GlobeNewswire, Inc., source