Common shares will begin to trade with his new name and to a Split adjusted basis in September 22, 2021
GREENWOOD VILLAGE, Colorado, September 21, 2021 (GLOBE NEWSWIRE) – Selectis Health, Inc. (formerly Global Healthcare REIT, Inc.) (the “Company” or “Selectis”), today announced its intention to conduct a splitting of its common shares in a ratio of 1 post-split share to 10 pre-split shares (the “Reverse Split”). The Common Shares of Selectis will continue to trade on the OTC Markets Group, Inc.’s OTCPink OTC under the ticker symbol GBCS and will begin trading on a division-adjusted basis at the opening of the market on Wednesday September 22, 2021 (the “Effective Date”) under a new CUSIP number 816291108. During a period of 20 business days, a “D” will be placed on the Company’s ticker symbol to reflect the Reverse Split.
Also on the Effective Date, the common shares of the Company will be listed under the new name “Selectis Health, Inc.” which has been previously approved by the shareholders of the Company (the “Name Change”).
The Company filed Amendment No. 1 to its amended and updated second articles of incorporation reflecting the reverse split and the name change.
“This is a proactive measure, approved by our shareholders over four months ago, which we believe will better position Selectis for success and ultimately generate value for all shareholders. of the Company, ”said Lance Baller, President and CEO of Selectis. “This decision is part of our long-term plan to consolidate our number of shares to a level more in line with that of a company of our size. The ultimate goal is to increase the visibility of our stocks within the investment community by improving long-term liquidity and creating an attractive business environment for institutional investors in the hope of expanding our shareholder base. .
On the Effective Date of the Reverse Split, all ten issued and outstanding ordinary shares of Selectis will automatically convert into one issued and outstanding ordinary share. The. The Reverse Split will not change the number of common shares authorized or the par value per share. Shareholders holding shares through a brokerage account will have their shares automatically adjusted to reflect the 1 for 10 share split. It will be necessary for shareholders holding common shares of the Company in certificate or book entry form. ” exchange their existing share certificates for new Company share certificates as part of the share consolidation, as certificates representing pre-split shares will no longer be negotiable. Shareholders will receive written notification and a letter of transmittal from Equiniti, the Company’s share transfer agent, instructing them how to exchange their pre-split share certificates for new certificates reflecting the Reverse Split. We have been advised that Equiniti will impose a fee of $ 50 to complete the exchange of certificates, which will be the responsibility of each shareholder.
The reverse stock split will affect all shareholders in a uniform manner and will not change a shareholder’s percentage interest in the equity of the Company, except to the extent that the reverse split would result in a shareholder holds a fraction of the share. No fractional shares will be issued as part of the reverse stock split. Shareholders who would otherwise be entitled to receive a fractional share will instead receive a cash payment based on today’s closing price of the Company’s common shares, as reported on the OTCPink. The Company also has the right to redeem odd lots (positions consisting of less than 100 shares) for cash payment based on today’s closing price of the Company’s common shares, as reported on the OTC. .Pink.
The reverse stock split will reduce the number of outstanding common shares of Selectis from approximately 29 million shares to approximately 2.9 million shares. Proportional adjustments will be made to the number of Selectis common shares that may be issued upon exercise or conversion of the Selectis share awards, convertible preferred shares and warrants, as well as the exercise price. applicable. Shareholders holding shares in brokerage accounts should direct any questions regarding the reverse stock split to their broker; all other shareholders may direct their questions to the Company’s transfer agent, Equiniti, at EQ’s Shareholder Services toll-free number at 1-866-877-6270 or directly at 1-651-306-3000. Representatives are available Monday through Friday, 7:00 a.m. to 7:00 p.m. Central Time. 303-282-4800.
At an annual meeting of shareholders held on May 24, 2021, the shareholders of Selectis approved the company’s second amended and updated articles of incorporation, which included the name change, and granted the board of directors of the company the discretion to effect a reverse stock split of Selectis. ordinary shares through an amendment to its articles of incorporation at a ratio not exceeding 1 to 12, this ratio to be determined by the Board of Directors of the Company. The Board of Directors then approved the Reverse Split on a 1 to 10 basis. Among other things, the reverse split aims to increase the trading price per share of the common share in order to meet the price requirement. minimum buyer for initial listing on the New York Stock Exchange.
On Selectis Health
Selectis Health owns and operates assisted living, independent living and specialty nursing facilities in Arkansas, Georgia, Ohio and Oklahoma, providing a wide range of life, speech therapy, occupational therapy, physiotherapy services. , social services and other rehabilitation and health care services.
This press release may contain certain statements relating to future results which are forward-looking statements. These statements are not historical facts, but represent only the Company’s belief regarding future events, many of which, by their nature, are inherently uncertain and beyond the control of the Company. These forward-looking statements are subject to risks and uncertainties. The actual results and financial condition of the Company may differ, perhaps materially, from the anticipated results and financial condition shown in these forward-looking statements, depending on factors including risks and uncertainties relating to market conditions. ; and the Company’s current and future capital needs and its ability to raise additional funds to meet its capital needs. Additional information regarding the Company and its activities, including a discussion of factors that could significantly affect the Company’s financial results, including the impact of the coronavirus pandemic (COVID-19) on the operations of the Company and operations, are contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020 under the heading “Risk Factors”, as well as in documents subsequently filed by the Company with the Securities and Exchange Commission . All forward-looking statements included in this press release are made only as of the date of this press release, and we assume no obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that occur subsequently or of which we hereafter become aware.
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