A2Z Smart Technologies Corp publishes the voting results from its Annual General and Special Meeting of Shareholders; announces the Closing of the Company's previously announced private placement; regains Compliance with Nasdaq's Market Value of Listed Securities Requirement; and announces the replacement of its Chief Financial Officer
TEL AVIV, ISRAEL / ACCESSWIRE / August 12, 2024 / A2Z Smart Technologies Corp. ("A2Z") ("Company"), (NASDAQ:AZ), a global leader in innovative technology solutions, is pleased to announce the voting results from its Annual General and Special Meeting of Shareholders (the "Meeting") held on Monday, July 29, 2024.
The total number of shares represented by shareholders present in person and by proxy at the Meeting was 26,332,602, representing 50.41% of A2Zs issued and outstanding common shares.
All of the matters put forward before shareholders for consideration and approval, as set out in the Company's Management Information Circular dated June 26, 2024 (the "Circular"), were approved by the requisite majority of votes cast at the Meeting, including, among other topics that were approved, the approval of the name change of the company to A2Z Cust2Mate Solutions Corp.
In addition, the Company closed its previously announced private placement from April 2, 2024 of common shares (or common share equivalents) for gross proceeds of approximately $2,395,000 at a purchase price of $0.35 per common share (or common share equivalent).
Certain directors and officers of the Company purchased $420,000 value of common shares in the private placement. In connection with the closing, the Company has issued certain non-U.S. residents 451,428 common shares as finders fees.
Further, the Company announced today that that on August 1, 2024, it received a formal notice from the Nasdaq Stock Market LLC ("Nasdaq") informing the Company that it has regained compliance with the market value of listed securities ("MVLS") requirement under Nasdaq Listing Rule 5550(b)(2) (the "Rule") for continued listing on the Nasdaq Capital Market.
As previously reported, the Company was notified by Nasdaq on April 24, 2024, that it was not in compliance with Nasdaq's Capital Market requirement because it failed to maintain a MVLS of at least $35 million for a period of 30 consecutive business days. To regain compliance with the Rule, the Company was required to maintain a MVLS of at least $35 million for a certain number of consecutive trading days. This requirement was met on July 31, 2024, the 14th consecutive trading day when the MVLS was at least $35 million.
The Company must still demonstrate compliance with Listing Rule 5550(a)(2), the Bid Price Rule, by October 21, 2024. In the event the Company does not regain compliance by October 21, 2024, the Company may be eligible for an additional 180 calendar day grace period. The Company intends to monitor its bid price between now and October 21, 2024 and intends to cure the deficiency within the prescribed grace period. During this time, the Company expects that the common shares of the Company will continue to be listed and trade on Nasdaq. The Company's management is looking into various options available to regain compliance and maintain its continued listing.
Additionally, the company wishes to announce a change in the position of Chief Financial Officer, effective immediately. The Company wishes to thank Mr. Levin for his service as CFO and wish him the best as he continues with his other business endeavors, including continued consulting services to the Company. As a result of Mr. Levin's departure, the company has engaged the services of Alan Rootenberg, who currently serves as a director, as Chief Financial Officer. Mr. Rootenberg has over 45 years of accounting and financial services experience having also served as the chief financial officer of other publicly listed companies. In addition, Mr. Rootenberg has BCom CPA designation.
About A2Z / Cust2mate
A2Z Smart Technologies Corp. brings innovation, ease, excitement and value to retailers and shoppers. The Company is transforming brick-and-mortar retail with innovative smart shopping cart solutions that digitize the in-store shopping experience. The proven-in-use, friendly, sensor rich, AI driven carts enhance customer satisfaction and loyalty, minimize shrinkage, optimize retailers' operations and enable new business models. The smart carts streamline in-store shopping by enabling in-cart scanning and payment, allowing users to bypass checkout lines while alleviating labor shortages. Retailers can optimize merchandising, store layouts and promotions from data-driven insights, while shoppers get real-time information and personalized offers, turning a necessary chore into a fun and rewarding experience.
For more information on A2Z Smart Technologies Corp. (NASDAQ:AZ) ($AZ), please visit www.cust2mate.com.
Cautionary Statement Regarding Forward-looking Statements
Matters discussed in this press release may contain forward-looking statements that are subject to substantial risks and uncertainties. Forward-looking statements contained in this press release may be identified by the use of words such as "anticipate," "believe," "contemplate," "could," "estimate," "expect," "intend," "seek," "may," "might," "plan," "potential," "predict," "project," "target," "aim," "should," "will" "would," or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on the Company's current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the Company's filings on EDGAR with the SEC. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. Forward-looking statements contained in this announcement are made as of this date, and the Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This press release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities described herein.
Company Contact:
Gadi Graus, CEO
[email protected]
+972-3-3732328
Investor Contact:
John Gildea, VP corporate communication
[email protected]
+353-8-68238177
SOURCE: A2Z Smart Technologies Corp.
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