Trulieve Inc (CSE: TRUL) is doing what it can to restore investor enthusiasm following the short report released yesterday by Grizzly Reports. This morning, the firm announced that it will be extending certain voluntary lockup periods by approximately four months as a measure of showing confidence in the company.
Under the previous voluntary lockup agreement, approximately 15% of the subordinating voting shares were to become free trading on January 25, 2020. Under the amended agreement, the lockup period for these shares, of which there are 11,205,960 in total, will see these shares become free trading on May 15, 2020 instead, approximately four months later than initially planned.
54,047,133 of Trulieve’s shares will remain under lockup conditions until July 25, 2020, as was originally the case.
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Commenting on the move by founders, Trulieve CEO Kim Rivers stated that it “demonstrates our Company founders’ continued support for Trulieve and their confidence in management’s ability to execute our long-term corporate strategy.” She further stated that the extension of the lockup agreement should reduce uncertainty for the oncoming quarter.
The voluntary lockup agreement stipulates that certain shareholders that agree to the lockup will not offer to sell, contract to sell, or otherwise dispose of their holdings in the company.
Trulieve Inc last traded at $13.67 on the CSE.
Information for this briefing was found via Sedar and Trulieve Inc. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
