Business
Argo Corporation announces update on special stock dividend in connection with its ownership interest in FoodsUp Inc.
Argo Corporation announces update on special stock dividend in connection with its ownership inte...
About this update from Argo Corporation
[{"type":"text","content":"\n\n\n\n Argo Corporation announces update on special stock dividend in connection with its ownership interest in FoodsUp Inc.\n \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 Canada NewsWire\n \n\n\n\n\n\n TORONTO\n \n\n ,\n \n\n Aug. 14, 2025\n \n\n /CNW/ - On\n \n May 21, 2025\n \n Argo Corporation (\"\n \n Argo\n \n \" or the \"\n \n Company\n \n \") (TSXV: ARGH) (OTCQX: ARGHF), a leader in next-generation transit solutions, announced that its board of directors had declared a special stock dividend (the \"\n \n Stock Dividend\n \n \") of one Preferred Share, Series A of Argo (the \"\n \n Series A Preferred Shares\n \n \") for each common share of Argo (the \"\n \n Common Shares\n \n \"). The Series A Preferred Shares track the Company's ownership of 45,932 subordinate-voting shares in the capital of FoodsUp Inc. (the \"\n \n FoodsUp Shares\n \n \"). The Company also announced it and one of its wholly-owned subsidiaries are parties to two option agreements (collectively, the \"\n \n Option Agreements\n \n \") which are intended to facilitate the sale of the FoodsUp Shares. If fully exercised, the Option Agreements would result in gross proceeds of between\n \n $21.6 million\n \n and\n \n $30.2 million\n \n , which are intended to be distributed to the holders of the Series A Preferred Shares. The payment date for the Stock Dividend is\n \n August 20, 2025\n \n (the \"\n \n Distribution Date\n \n \") and any purchaser of Common Shares before the close of markets on the Distribution Date will be assigned the right to the Stock Dividend. The Common Shares of the Company will begin trading on an \"ex-distribution\" basis at the opening of markets on\n \n August 21, 2025\n \n .\n \n\n\n\n\n\n\n\n\n\n Background\n \n\n\n Argo's founding leadership team announced its plans in 2024 to develop the world's first vertically-integrated transit system for cities. Since then, Argo's Smart Routing™ system successfully doubled transit ridership in the Town of Bradford West Gwillimbury, replacing all of the municipality's legacy fixed bus routes. The Company also ann...