KWESST MICRO SYSTEMS INC.
(Note: KWESST Micro Systems Inc. priced its unit public offering (NOT an IPO) on Dec. 6, 2022, in connection with its NASDAQ uplisting from the OTCQB Venture Market: 2.5 million units at $4.13 to raise $10.33 million ($10.325 million). The offering was upsized at pricing in terms of the number of units sold (up from 2.32 million units) while the offering price of $4.13 was below the most recent range of $4.71 to $5.21. Each unit consists of a share of stock and one warrant to buy one share of stock. The stock started trading Dec. 7, 2022, under the symbol “KWE” on the NASDAQ and the warrant started trading Dec. 7, 2022, under the symbol “KWESW” on the NASDAQ.)
(Note: A simultaneous Canadian public offering of 726,392 units, each consisting of one common share and one warrant to purchase one common share, was priced at US$4.13 per unit, the company announced late on Tuesday, Dec. 6, 2022. PI Financial was the underwriter of the Canadian public offering.)
KWESST Micro Systems Inc. develops and commercializes next-generation technology solutions that deliver a tactical advantage for military, public safety agencies and personal defense markets. Our core mission is to protect and save lives. (Incorporated in British Columbia)
We focus on three niche market segments as follows:
**Note: Revenue and net loss figures are for the fiscal year that ended Sept. 30, 2021.
(Note: Except as otherwise indicated, information in this Prospectus, other than as set forth in our financial statements and the notes thereto, reflects an assumed one for seventy (1-for-70) reverse stock split of our Common Shares, which we refer to as the “Reverse Split,” to be effective prior to the effective date of the registration statement of which this Prospectus forms a part. The Reverse Split is subject to TSXV regulatory and shareholder approval (greater than 50% to be done by written shareholder consent).)
**Note: See background notes below on the offering and the filing history.
(Note: This is NOT an IPO. This is a unit offering and a NASDAQ uplisting from the OTCQB Venture Market, where KWESST Micro Systems’ stock trades under the stock symbol “KWEMF”. The company plans to list the stock on the NASDAQ under the proposed stock symbol “KWE” and the warrants under the proposed symbol “KWESW”. This NASDAQ uplisting is a unit offering of 2.32 million common units (2,323,232 common units) at a price range of US$4.71 to $5.21 – a change in the price range – according to an S-1/A filing dated Nov. 7, 2022. The previous price range was US$4.13 to $6.30, according to an S-1/A filing dated Oct. 24, 2022. **The assumed public offering price is close to the US$4.96 mid-point of the new price range disclosed in the S-1/A filing dated Nov. 7, 2022. **Estimated public offering proceeds are $11.52 million. Each unit consists of one share of common stock and one warrant to buy a share of stock.)
(Note: The stock also trades on the TSX Venture Exchange (TSXV) in Toronto under the stock symbol “KWE.V” and on the Frankfurt Stock Exchange under the stock symbol “62U”. According to the prospectus: A concurrent public offering of units in Canada – with US$3.0 million in estimated proceeds – will be led by PI Financial Corp.)
|Industry:||Services - PrePackaged Software|
|Address||155 Terence Matthews Crescent, Unit #1, Ottawa, Ontario, K2M 2A8|
|Phone Number||(613) 241-1849|
|View Prospectus:||KWESST MICRO SYSTEMS INC.|
|Revenues||$1.28 mil (last 12 months)|
|Net Income||$-9.32 mil (last 12 months)|
|Price range||$4.13 - $4.13|
|Est. $ Volume||$10.3 mil|
|Manager / Joint Managers||ThinkEquity|
|Expected To Trade:||12/7/2022|
|Quiet Period Expiration Date:||Available only to Subscribers|
|Lock-Up Period Expiration Date:||Available only to Subscribers|
|SCOOP Rating||Available only to Subscribers|
|Rating Change||Available only to Subscribers|