WATERLOO, Ontario, Sept. 10, 2018 /PRNewswire/ -- DelphX Capital Markets Inc. (DELX.V) ("DelphX") announced today that its Board of Directors has approved the grant of 2,629,000 stock options (the "Options") to eligible participants under the DelphX Stock Option plan (the "Plan"). The Options vest on a varying basis over the next 3 years and are exercisable for common shares of DelphX at an exercise price of $0.70 per common share, all in accordance with the Plan.
Subsequent to this grant, DelphX has 2,729,000 options outstanding and a further 5,114,337 common shares are reserved for issuance upon the exercise of Options that may be granted pursuant to the Plan.
DelphX is a technology company focused on optimizing fixed income markets globally by transforming how credit capital is secured. Its blockchain-powered solution employs proprietary distributed ledger technology, actuarial science and reinsurance protocols to facilitate broad diffusion of credit default risks. The new DelphX alternative trading system ("ATS") facility will be regulated by the SEC and operated by DelphX Services Corporation, a FINRA member firm, to facilitate the negotiation, purchase and trading of two new forms of Smart Securities:
Covered Put Options (CPOs) that provide secured default protection for underlying corporate, municipal and sovereign securities, with each CPO strike-price equaling the par value of its underlying security; and
Covered Reference Notes (CRNs) that allow investors to take on exposure to the default risk of a single underlying security or to optionally participate in a pool of diversified risks that broadly diffuses the impact of credit events among all participants.
All CPOs and CRNs will be issued by Quantem Capital Corporation Ltd.("Quantem"), a wholly-owned subsidiary of DelphX, and transparently administered within an immutable Distributed Ledger. A traditional book-entry record of each CPO and CRN will also be maintained in parallel by Quantem's issuing and paying agent to provide additional transparency and efficiency.
This news release contains certain "forward-looking statements" including, without limitation, statements regarding the launch of the DelphX market. Such forward-looking statements involve risks and uncertainties, both known and unknown. The results or events depicted in these forward-looking statements may differ materially from actual results or events. In addition to other factors and assumptions which may be identified herein, assumptions have been made regarding and are implicit in, among other things: the state of the capital markets, tax issues associated with doing business internationally, the ability of DelphX to successfully manage the risks inherent in pursuing business opportunities in the financial services and Blockchain industry, and the ability of DelphX to obtain qualified staff, equipment and services in a timely and cost-efficient manner to develop its business. Any forward-looking statement reflects information available to DelphX as of the date of this news release and, except as may be required by applicable securities laws, DelphX disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.