LOS ANGELES, CA / ACCESSWIRE / March 17, 2022 / NovAccess Global Inc. (OTC PINK:XSNX) announced today the closing of a series of transactions which results in the reduction of potential common stock dilution by 97.6% and expansion of the shareholder base.
The transactions announced today are more completely described in the Company's Form 8-K filed on March 14, 2022, with the U.S. Securities and Exchange Commission. Commenting on these developments, the Company's CEO Dr. Dwain K. Irvin stated, "Our incredible NovAccess Global team, including our founding Chairman of the Board, Dan Martin, have collaborated since July 2020 to transform NovAccess Global into a scalable, attractive public venture focused on advancing medical technologies that are life-changing for those in need. We are confident that the culmination of these efforts, and the effects resulting from completing these structural initiatives, create meaningful value for our shareholders and accelerate the progress being made on our path towards capitalizing on the tremendous opportunities to commercialize our medical breakthroughs."
The transactions of most significance that closed on March 14, 2022, include:
- Redemption of 24,400 of the Company's 25,000 issued and outstanding preferred shares, reducing the potential common stock dilution from conversion of the preferred by 97.6%.
- Entering into a stock distribution agreement with Innovest Global, Inc. (OTC PINK:IVST) to distribute its NovAccess Global common stock (7.5 million shares) to Innovest's shareholders once NovAccess Global has registered the shares. The registration and subsequent distribution is expected to occur in the second quarter of 2022 and will more than double the number of NovAccess Global shareholders without issuing additional stock.
- Appointment of NovAccess Global CEO Dr. Dwain K. Irvin to the Company's board of directors and Mr. John A. Cassarini as an independent member of the board.
Completing these transactions has significantly improved the capital structure of NovAccess Global, will grow the shareholder base and begins the construction of an independent board of directors with world class leadership as required for uplisting to a national exchange. These achievements catalyze the Company's stated milestones for 2022.
About NovAccess Global
NovAccess Global is a biomedical company accelerating novel cancer diagnostics and therapeutics. Our goal is to discover, develop and bring to market novel and innovative medicine and medical devices to improve the quality of care for cancer and neurological patients.
NovAccess Global is currently developing a cancer vaccine therapy that enhances the patient's immune response against brain tumors. Our company has a novel immunotherapeutic approach to treat brain tumor patients with glioblastoma multiforme, the most common adult brain tumor with a 15-month median survival after diagnosis. Our patented technology is designed to combine a dendritic cell-based immunotherapeutic approach with a unique combination of Toll-like receptor (TLR) adjuvants, TLR-AD1, to help promote an enhanced immune response against the patient's tumor. Our platform technology focuses on enhancing the patient's immune cells to fight their unique cancer by utilizing the antigens specific to the patient's tumor. The company owns a cancer vaccine, which is a medication that stimulates or restores the immune system's ability to fight existing cancer by strengthening the body's natural defenses against the cancer cells. It is a meaningful technology that could significantly improve the quality of life and prognosis for the many people who suffer from brain tumors. For more information, please visit novaccessglobal.com.
Forward-Looking Statement
This press release and its attachments contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
"Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in the company's disclosures or filings with the Securities and Exchange Commission and/or OTC Markets, Inc. You are further cautioned that penny stocks and stocks of smaller companies like NovAccess are inherently volatile and risky, and that no investor should buy this stock unless they can afford the loss of their entire investment. The company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date thereof.
Investor Relations Contact:
Jordan Darrow
Darrow Associates
631-766-4528
jdarrow@darrowir.com
SOURCE: NovAccess Global Inc.
View source version on accesswire.com:
https://www.accesswire.com/693563/NovAccess-Global-Stock-Redemption-and-Expanded-Board-of-Directors-Reinforces-Shareholder-Value-and-Positions-the-Company-to-Accelerate-Objectives
