Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity

v3.21.2
Stockholders' Equity
3 Months Ended
Jun. 30, 2021
Stockholders' Equity  
Stockholders' Equity

6.    Stockholders’ Equity

Common Stock Authorized

June 30, 2021

March 31, 2021

    

Number of shares

    

$

    

Number of shares

    

$

Exchangeable Shares

  

  

  

 

Balance beginning of period

 

112,440

$

113

117,683

$

118

Converted into common shares

 

(5,243)

(5)

Balance at end of period

 

112,440

113

112,440

113

Common Shares

 

Balance at beginning of the period

 

5,589,375

5,589

5,009,151

5,008

Shares issued to exchangeable shareholders

 

5,243

5

Shares issued on conversion of loans

 

181,463

182

Shares issued in lieu of liabilities

397,685

398

Cancellation of shares by shareholders

(4,167)

(4)

Balance at end of the period

 

5,589,375

5,589

5,589,375

5,589

Total Shares

 

5,701,815

$

5,702

5,701,815

$

5,702

As approved by the stockholders of the Company at the annual meeting of stockholders held on October 5, 2020, the Company filed a certificate of amendment to its Amended and Restated Certificate of Incorporation, as amended with the Secretary of State of Delaware to decrease the authorized number of shares of (i) common stock of the Company from 500,000,000 to 13,000,000 and (ii) preferred stock of the Company from 10,000,000 to 5,000,000.

With the 2020 Convertible Notes, as discussed in Note 5 above, and pursuant to the terms of the 2020 Convertible Notes, the principal and interest of $1.7 million converted into 181,463 shares of the Company's common stock which were issued to the noteholders. The Company also issued shares in lieu of certain liabilities that it owed of which 262,125 shares of Bionik's common stock were issued in lieu of paying $0.7 million in director fees to its board of directors and 135,560 shares of common stock were issued for consideration consisting of the forgiveness and satisfaction of an aggregate of $0.3 million of deferred salary and bonus liabilities to two of its executives.

Special Voting Preferred Share

In February 2015, the Company entered into a voting and exchange trust agreement (the “Trust Agreement”). Pursuant to the Trust Agreement, the Company issued one Special Voting Preferred Share to a Trustee, and the parties created a trust for the Trustee to hold the Special Voting Preferred Share for the benefit of the holders of the Exchangeable Shares of a subsidiary of the Company. The Special Voting Preferred Share entitles the Trustee to exercise the number of votes equal to the number of Exchangeable Shares outstanding on a one-for-one basis during the term of the Trust Agreement. The Special Voting Preferred Share is not entitled to receive any dividends or to receive any assets of the Company upon liquidation and is not convertible into shares of common stock of the Company. The voting rights of the Special Voting Preferred Share will terminate pursuant to and in accordance with the Trust Agreement and the Special Voting Preferred Share will be automatically cancelled.