Business Context and Reporting Period
Locafy Ltd, a foreign private issuer, filed Form 6-K for the month of December 2022. The filing reports on a General Meeting of Shareholders held on December 7, 2022, where shareholders approved a 1-for-20 reverse share split effective at 11:00 a.m. Australia time.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on corporate actions regarding share capital structure.
Material Changes
The primary material change is the reduction of outstanding securities due to the approved 1-for-20 reverse share split:
- Ordinary Shares: Reduced from 20,528,803 to approximately 1,026,440.
- Listed Warrants: Reduced from 1,454,546 to approximately 72,728.
- Unlisted Warrants: Reduced from 87,272 to approximately 4,364.
- Performance Rights: Reduced from 2,384,888 to 119,244.
Proportionate adjustments were made to exercise prices and share counts for all outstanding warrants and performance rights. Fractional shares and warrants were rounded up to the next whole number.
Outlook and Management Commentary
Ordinary Shares and Warrants began trading on a reverse share split-adjusted basis on The Nasdaq Capital Market on December 8, 2022. Trading symbols remain "LCFY" and "LCFYW". New CUSIP numbers were assigned: Q56120134 for Ordinary Shares and Q56120142 for Warrants. The filing does not contain specific guidance, risk factors, or unusual items beyond the mechanics of the share split.
Investor Verification Checklist
- Verify the new CUSIP numbers (Q56120134 for shares, Q56120142 for warrants) in brokerage accounts.
- Confirm the adjusted number of shares and warrants held post-split, noting the rounding up of fractional amounts.
- Review the adjusted exercise prices for any outstanding warrants or performance rights.
- Monitor trading activity on The Nasdaq Capital Market starting December 8, 2022, under the existing symbols.