Leading digital consumer acquisition solutions provider, Collective Audience, announced on Monday that it has issued 3.76 million of its common stock to Logiq as part of the business combination involving Logiq’s former subsidiary, DLQ, Inc., and Abri SPAC I, Inc. The newly amalgamated entity has been rebranded as Collective Audience, Inc. However, following this development, Collective Audience’s stock witnessed a decline in trading today.
At the time of this publication, Collective Audience Inc stock (CAUD) has witnessed a decline.
Collective Audience Inc
Current Price: $3.88
Change : -1.72
Change (%): (-30.71%)
Volume: 222.2K
Source: Tomorrow Events Market Data
Abri, previously listed on Nasdaq as ASPA, ASPAW, and ASPAU, confirmed the completion of the business combination on November 2, 2023. On the same day, Logiq declared a special dividend distribution of the 3,762,000 shares of Collective Audience common stock to Logiq stockholders. This distribution is applicable to those who were registered as of the dividend record date on October 24, 2023. The dividend will be allocated at a ratio of 0.027 shares of Collective Audience common stock for each one share of Logiq common stock.
Logiq has reported that the dividend distribution process has commenced. However, as of today’s date, no dividend shares of Collective Audience have been dispatched to Logiq shareholders. The company has clarified that the actual delivery date and receipt of the dividend may face potential delays due to administrative factors. The timing may also vary based on the number of Logiq shares held on the record date, their location, and other related factors.
Logiq disclosed that it has received notifications of certain brokerage firms prematurely or erroneously crediting their clients’ accounts with the dividend distribution of Collective Audience shares. Additionally, some of these firms have facilitated the sale of the shares without having actual possession of them. This situation could potentially impact all shareholders, including those at other brokerage firms who are adhering to established regulatory policies and procedures.
Logiq has expressed concerns that such premature sales of Collective Audience shares may lead to a failure to deliver on the trade settlement date. The company is actively investigating the matter and has stated its intent to pursue all necessary corrective measures and remedies, whether legal or otherwise.
It is important to note, as clarified by Logiq, that no dividend shares have been delivered to any holders of record of Logiq entitled to receive the described dividend distribution of shares, as outlined in Logiq’s filings with the U.S. Securities and Exchange Commission (SEC).
