Surge Digital Inc. has finalized a seven-for-one share consolidation and a corporate name change to SRGE, effective immediately, the company said on Wednesday.
The move reduces Surge Digital’s outstanding common shares from 355.78 million to 50.83 million, with fractional interests rounded down if below one-half share and rounded up if one-half or greater, and no cash paid for fractional amounts. The consolidation applies proportionally to outstanding warrants and stock options, with exercise prices adjusted accordingly.
Surge Digital’s shares now trade on the TSX Venture Exchange under the new ticker “SRGE,” replacing the prior symbol “SRGE” that followed the consolidation. The company’s OTCQB Market listing temporarily used the symbol “BBKCD” for roughly 20 business days to denote the consolidation, with the appended letter “D” indicating the corporate action.
The business continues to operate Netcoins, a regulated crypto trading platform in Canada and the U.S.; Blockchain Intelligence Group, which provides blockchain analytics; and TerraZero Technologies, which develops immersive media and Web3 solutions. The restructuring is intended to better reflect the company’s diversified focus across digital assets and Web3 technologies, Surge Digital said.
Administrative processes were handled by Computershare Trust Company of Canada. No shareholder approval was required under British Columbia’s Business Corporations Act, as the consolidation was approved solely by the company’s board of directors. Registered certificate holders received letters of transmittal with exchange instructions, while book-entry and beneficial shareholders required no action, as their holdings were adjusted automatically.
