wellteq Digital Health Inc. (CSE:WTEQ) (OTCQB:WTEQF), (the "Company" or "wellteq"), announced today that holders of wellteq common shares (the "wellteq Shareholders") have approved the plan of arrangement (the "Plan of Arrangement") with Advanced Human Imaging Ltd (ASX: AHI) (NASDAQ:AHI) ("AHI"), whereby AHI will acquire all of the outstanding shares of wellteq (the "Transaction")as announced in its news release dated September 2, 2022.
At the special meeting of the wellteq Shareholders held on November 24, 2022 (the "Meeting"), the Plan of Arrangement was approved by 100% of the votes cast. Under the terms of the Plan of Arrangement, wellteq Shareholders will receive one AHI ordinary share (a "Consideration Share") for every six wellteq common shares (a "wellteq Share") held.
Registered wellteq Shareholders are reminded to complete, sign and return the letter of transmittal provided with the materials for the Meeting, together with the certificate(s) / DRS advice(s) representing their wellteq Shares as indicated in the letter of transmittal. Non-registered or beneficial wellteq Shareholders who hold their shares through a broker, investment dealer, nominee or other intermediary or depository (an "Intermediary") should contact their Intermediary for instructions and assistance in depositing their wellteq Shares and receiving their Consideration Shares, and to confirm if their Intermediary has made arrangements for their Consideration Shares to be deposited into CHESS.
Closing of the Transaction is expected to occur in early December 2022, subject to obtaining a final order of the Supreme Court of British Columbia (the "Court") and the satisfaction of other customary conditions. The hearing for approval of the final order by the Court is currently expected to take place on November 30, 2022. Following completion of the Transaction, wellteq intends to apply to have the wellteq Shares delisted from the Canadian Securities Exchange and to cease to be a reporting issuer. Additional information regarding the terms of the Transaction and the Plan of Arrangement are set forth in wellteq's management information circular dated October 24, 2022, wellteq's news release dated September 2, 2022 and the arrangement agreement between wellteq and AHI dated September 2, 2022, copies of which are available under wellteq's profile at www.sedar.com.