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Avicanna Announces Voluntary Lock-Up Agreements for Key Insiders and Separation of CEO and Chairman Roles
Avicanna Announces Voluntary Lock-Up Agreements for Key Insiders and Separation of CEO and...
About this update from Avicanna Inc
[{"type":"text","content":"\n\n\n\nAvicanna Announces Voluntary Lock-Up Agreements for Key Insiders and Separation of CEO and Chairman Roles\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Oct. 29, 2019\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAWS./\n TORONTO, Oct. 29, 2019 /CNW/ - Avicanna Inc. (\"Avicanna\" or the \"Company\") (TSX: AVCN) (OTCQX: AVCNF), a biopharmaceutical company focused on the development, manufacturing and commercialization of organic and sustainable plant-derived cannabinoid-based products, today announces that its executive officers and directors have entered into voluntary lock-up agreements to extend the term of their lock-up periods, affecting approximately 7.7 million shares. The Company also announces that Kyle Langstaff has stepped down as Vice President (Operations) and has concurrently entered into a lock-up agreement to restrict the disposition of his common shares. In addition, the Company's board of directors has separated the roles of Chairman and Chief Executive Officer.\n\n \n \n\n \nExtended Lock-Up Agreements\nEach member of the Company's board of directors has entered into voluntary lock-up agreements pursuant to which they will not sell, transfer or pledge any of their Avicanna securities prior to July 1, 2020.  On July 1, 2020, the Company will release 10% of such securities to the respective directors, with the remaining securities released in six equal tranches of 15% every six months following the first release, subject to customary exceptions. The members of the board of directors hold an aggregate of 7,176,850 common shares of the Company.\nThe executive officers of the Company have entered into voluntary lock-up agreements pursuant to which they will not sell, transfer or pledge any of their Avicanna securities prior to January 1, 2020. On January 1, 2020, the Company will release 10% of such securities to the respective executives, with the r...