TPCO Holdings Sees Management, Board Enter Lockup Agreement

TPCO Holdings (NEO: GRAM.u), whom is more commonly known as The Parent Company, this morning indicated that it is looking to bolster shareholder confidence. The company has seen roughly 36% of the outstanding shares of the issuer enter into voluntary lock-up arrangements.

The lock-up arrangements essentially stipulate that the participants will not sell their shares of the company during the agreed to time period. Notably, the arrangement also prevents participants from pledging, assigning, transferring or using the shares for swap or hedging purposes.

The arrangement has seen roughly 36 million shares of the company held by insider locked up for a six month period, which ends January 28, 2022. Shareholders agreeing to such arrangement include the firms entire board of directors, as well as select members of the executive management team, including the firms CEO, Steve Allan, as well as the CFO, COO, and certain other execs.

The company also highlights that to date, none of these insiders have sold any of the shares that they own.

Finally, the company this morning also indicated that it has entered into an employee buyback arrangement, which is expected to relieve pressure on the firms equity. Under the arrangement, the company has agreed to directly acquire shares from John Figueiredo, the President of SISU, as well as well as two other employees whom had entered into automatic share disposition plans as a means of cover tax obligations.

The arrangement will see the repurchase of up to 1.73 million shares in aggregate, after which the shares repurchased will be cancelled. The participating employees have also agreed to not sell further shares that are not involved in the buyback program under the aforementioned lock-up agreement.

TPCO Holdings last traded at US$4.09 on the Neo.


FULL DISCLOSURE: TPCO Holdings is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover TPCO Holdings on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.

Video Articles

Why $50 Silver, $4000 Gold Might Be Closer Than Anyone Thinks | Bradley Langille – GoGold Resources

Why Silver’s True Price Could Be Much Higher | Joaquín Marias – Argenta Silver

Gold Enters A ‘Stronger For Longer’ Phase | Richard Young – i-80 Gold

Recommended

Emerita Resources Intersects Further Mineralization At El Cura, Expanding Deposit

ESGold Sees ANT Survey Reveal Vertically Continuous System To 1,200 Metres Depth

Related News

TPCO Holdings: Craig-Hallum Initiates Coverage With US$16 Price Target

The second firm to initiate coverage on TPCO Holdings Corp (NEO: GRAM.u) (OTC: GRAMF) since...

Tuesday, February 23, 2021, 11:52:00 AM

TPCO Holdings Walks From US$50 Million Investment In Glass House

It appears that a partnership between two recent SPAC deals isn’t going to go through...

Friday, July 2, 2021, 08:26:24 AM

The Parent Company Invests $50 Million In Glass House, Signs LOI’s For Supply Arrangements, Retail Distribution

TPCO Holdings (NEO: GRAM.u), whom does business as The Parent Company, is evidently looking to...

Monday, May 17, 2021, 09:41:47 AM

TPCO Holdings Cuts Workforce By 14%, Begins Outsourcing Cultivation And Manufacturing

It appears that even celebrity endorsements doesn’t do much for firms operating in the Californian...

Friday, October 28, 2022, 08:27:37 AM

Subversive Capital Closes Qualifying Transaction, Becomes The Parent Company

Subversive Capital Acquisition Corp has transitioned to that of TPCO Holdings Corp (NEO: GRAM.u) (OTC:...

Friday, January 15, 2021, 09:19:32 AM