KWESST Micro Systems Announces Proposed 10-For-1 Share Consolidation

KWESST Micro Systems Inc. (NASDAQ:KWE, TSXV:KWE) ("KWESST" or the "Company") announces that its board of directors (the "Board") has authorized a plan to proceed with a consolidation of its outstanding common shares (each, a "Share") on the basis of ten (10) pre-consolidation Shares for each one (1) post-consolidation Share (the "Consolidation"). The Consolidation is subject to approval of the TSX Venture Exchange (the "Exchange"). The Company believes that the Consolidation is in the best interests of shareholders as it will allow the Company to ensure continued compliance with the NASDAQ Stock Market minimum bid price requirements. Accordingly, the Company opted not to hold its special meeting of shareholders pursuant to which it was seeking a consolidation of its Shares on a greater basis.

As at the date hereof, there are a total of 15,791,742 Shares issued and outstanding. Assuming no other change to the issued and outstanding Shares, if the Consolidation is put into effect, a total of 1,579,174 Shares, subject to adjustments for rounding, would be issued and outstanding.