MARKHAM, Ontario, Sept. 13, 2024 (GLOBE NEWSWIRE) — Dr. Pardeep Nijhawan (“Dr. Nijhawan”) announces that as a result of grants of restricted share units (“RSUs”) of Edesa Biotech, Inc. (“Edessa”), when combined with a series of transactions (the “Transactions”) that have occurred since the date of the most recent early warning report filed by Dr. Nijhawan on November 18, 2022 (the “Previous Report”), Dr. Nijhawan has acquired “beneficial ownership” of common shares in the capital of Edesa (“Common Shares”) in an amount equal to more than 2% of the issued and outstanding Common Shares since the date of the Previous Report.
The requirement to file this press release and corresponding early warning report (the “Report”) was triggered on September 3, 2024 as a result of a grant of 3,055 RSUs to Dr. Nijhawan pursuant to a restricted share unit agreement between Dr. Nijhawan and Edesa whereby Dr. Nijhawan may earn RSUs in lieu of cash compensation for his services to Edesa in the capacity of Chief Executive Officer.
Prior to the Transactions, the terms of which are detailed and available under Dr. Nijhawan’s profile at www.sedi.ca and in the Report, and a consolidation (the “Consolidation”) of the Common Shares at a ratio of seven old Common Shares to one new Common Share, Dr. Nijhawan held 3,775,809 Common Shares, 278,110 Options and 463,466 warrants of Edesa (“Warrants”) exercisable for Common Shares on a pre-Consolidation basis, representing approximately 19.51% of the issued and outstanding Common Shares on a non-diluted basis and approximately 22.48% of the issued and outstanding Common Shares of Edesa on a partially-diluted basis.
After the Consolidation and the Transactions, including the grant of RSUs described above, Dr. Nijhawan now holds 544,401 Common Shares, 56,875 Options, 44,345 RSUs and 32,610 Warrants representing approximately 16.76% of the issued and outstanding Common Shares on a non-diluted basis and approximately 20.06% of the issued and outstanding Common Shares of Edesa on a partially-diluted basis, representing a decrease in the percentage of Common Shares over which Dr. Nijhawan has beneficial ownership and control from the Previous Report of approximately 2.75% on a non-diluted basis and approximately 2.42% on a partially-diluted basis.
Dr. Nijhawan’s beneficial ownership percentages described above are based on there being 3,247,389 Common Shares outstanding as of the date of this news release, as disclosed to Dr. Nijhawan by Edesa, and are disclosed without regard to the vesting of 56,875 unvested options held by Dr. Nijhawan, which are not exercisable within 60 days of this news release. The options vest in portions on a monthly basis and are nonetheless included for the purposes of reporting Dr. Nijhawan’s “beneficial ownership” above.
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Dr. Nijhawan acquired the Common Shares for investment purposes in lieu of cash compensation from the Issuer for services consisting in the capacity of Chief Executive Officer, and expects to monitor the business, prospects, financial condition and potential capital requirements of Edesa, and depending on evaluation of these and other factors, Dr. Nijhawan may from time to time in the future increase or decrease his direct or indirect ownership, control or direction over Common Shares or other securities of Edesa through market transactions, private agreements, subscriptions from treasury or otherwise.
Edesa’s head office address is 100 Spy Court, Markham, Ontario, Canada, L3R 5H6.
For further information, including a copy of the corresponding report filed with Canadian securities regulators, please visit www.sedar.com or contact:
Pardeep Nijhawan
100 Spy Court
Markham, ON
L3R 5H6
