It appears that a divorce has cost Green Thumb Industries’ (CSE: GTII) CEO Ben Kovler a fair chunk of his voting power in the company. The executive disclosed this evening that a marital settlement has result in a portion of his super voting shares being handed over as part of the agreement.
Collectively, Kovler has seen his super voting shares decline by 35,000, or roughly 19% as a result of the settlement. Kovler was forced to convert 15,000 of his super voting shares into multiple voting shares, which were then converted into 1.5 million subordinate voting shares of the issuer. Those 1.5 million shares were then handed over as part of the settlement, along with 20,000 super voting shares.
Prior to the arrangement, Kovler held 183,254 of the super voting shares, which represented 72.81% of all super voting shares outstanding. Post transaction, that figure has dropped to 148,254, representing 62.6% of the class.
On an as-converted basis, the settlement amounts to an estimated $52.5 million.
Green Thumb’s super voting shares are worth 1,000 votes and convert into one multiple voting share. Each multiple voting share carries 100 votes, and is convertible into 100 subordinate voting shares.
Green Thumb Industries last traded at $15.00 on the CSE.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization unless otherwise mentioned. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
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