Champignon Brands (CSE: SHRM) this morning announced that certain of the firms shareholders have agreed to a voluntary lockup of their holdings in the company, which is related to a prior issuance conducted by the firm.
Under the voluntary share lockup agreement, 17,840,000 common shares of the firm will see their escrow conditions extended until July 15, 2020. Previously, these shares were only subject to a statutory hold period, with the release date not identified by the company.
Justification for the voluntary lockup agreement was not provided by the company, nor was it identified if any members of management were involved with the increased hold period.
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The news follows the announcement made earlier this week by the company that Dr Bill Wilkerson, LL.D (Hon), an experienced management executive and strong advocate for mental health, would be joining the firms board of directors.
Champignon Brands last traded at $1.73 on the CSE.
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