KWESST Inc announced Thursday that it has completed the necessary qualifying transaction to become a publicly traded company on the TSX Venture Exchange next week.
The newly public company will be called KWESST Micro Systems Inc and trade under the ticker KWE, starting on Tuesday.
The qualifying transaction involved KWESST agreeing to become part of a three-cornered business amalgamation with Foremost Ventures Corp (CVE:FMV.P), a capital pool firm, and one of that company’s subsidiaries.
READ: KWESST hits the mark by creating “timely technology” for the global defense and homeland security market
"With this transaction, KWESST has secured strong capital market partners and sufficient funding to execute on its current business plan to commercialize its portfolio of disruptive technologies,” chairman David Luxton said in a statement. “As someone who has founded and led the build-out of defence and security businesses that became global leaders in their field, I am excited at KWESST’s prospects and dedicated to working with an accomplished team to create another proud Canadian success story on a global scale."
Under the amalgamation, Foremost Ventures changed its name to KWESST Micro Systems Inc and all outstanding common shares of KWESST Inc were cancelled. KWESST shareholders received shares of the new company on a 1:1 basis.
As part of the transaction, subscription receipts issued by the company in July as part of a private placement automatically convert into shares of KWESST. Additionally, the company said that convertible promissory notes worth $255,717 were converted into an aggregate of 456,639 KWESST shares at a price of C$0.56 per share.
KWESST specializes in developing miniaturized technology for the defense and security sectors.
The Ottawa company’s proprietary offerings include its signature Tactical and Situational Control System (TASCSTM), which streams real-time awareness and targeting information from any source (including drones) directly to users’ smart devices and weapons; the autonomous Grey GhostT kinetic impact missile system that defends against small hostile drones including swarms; a ground laser defence system to counter the emerging threat of weaponized lasers against personnel; and the Phantom electronic battlefield decoy system to mask the electromagnetic signature of friendly forces with decoy signatures at false locations to deceive and confuse adversaries.
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