Business
Grapefruit USA, Inc. Clarifies Sale of Stock by Company Executives Pursuant to Rule 10b5 Sales Plan
Grapefruit USA, Inc. Clarifies Sale of Stock by Company Executives Pursuant to Rule 10b5 Sales Plan.
About this update from Grapefruit Usa Inc.
[{"type":"text","content":"\n LOS ANGELES and DESERT HOT SPRINGS, Calif., Nov. 18, 2021 (GLOBE NEWSWIRE) -- via InvestorWire -- Grapefruit USA, Inc. (OTCQB: GPFT) (“Grapefruit” or the “Company”), a premiere California-based cannabis and hemp company, is clarifying the recent sale of stock by company executives. The Company’s executives do not take a salary. Several years ago, they elected to be compensated with the Company’s common stock. The executives favor equity compensation because it is the ultimate incentive to ensure that their interests are fully aligned with the interests of company shareholders – the success of Grapefruit. This form of compensation is also a deliberate management strategy to preserve company cash flow to ensure that it is invested in those projects that are devoted to growing the Company. The sale of all stock takes place under a blind trust agreement pursuant to the provisions of SEC Rule 10b5-1 (“10b5 Sales Plan”). Under a 10b5 Sales Plan, executives have no control over the details of any stock transaction. All sales are executed by experienced professional stock traders who have been instructed to execute trades in a manner which will minimize price volatility. 10b5 Sales Plans are a common regulatory procedure used by corporate executives, such as Elon Musk, Bill Gates, etc., to sell publicly traded common stock. The 10b5 Sales Plan ensures that all sales of company stock are not based on, or otherwise because of, material nonpublic or “inside” information. The company then discloses the stock transaction to the public, affording full and complete transparency. Company executives are fully invested in the long-term success of Grapefruit and for its loyal shareholder base. To purchase Grapefruit’s groundbreaking CBD delivery relief cream (outside of Canada), please visit: https://hourglassonlinestore.com/. To learn more about Grapefruit’s new sustained-release Hourglass™ THC + Cannabinoid Topical Delivery Cream, please watch this promotional video https://www.youtube.com/watch?v=6cU9MJMgH1w&feature=youtu.be and visit our website at:https://grapefruitblvd.com/hourglass/ To learn more about Grapefruit, please visit InvestorBrandNetwork:https://www.investorbrandnetwork.com/clients/grapefruit-usa-inc/ For investor information, please visit o...