Vireo Health (CSE: VREO) continues to see selling pressure placed on its equity as a result of former executive chairman Bruce Linton selling off his position. Linton last night filed with the exchange that he has sold a further 1,114,115 subordinate voting shares of the company since his last filed early warning report on December 7, 2020.
The latest share sales transactions have netted $1.7 million in proceeds, while dropping Linton’s ownership stake in the company by 2.06% on a partially diluted basis. The bad news for shareholders here, is that Linton still owns effectively 29.80% of the company on a partially diluted basis. The good news, is that that position is held entirely through subordinate voting share purchase warrants.
With the latest transaction, Linton has disposed of all subordinate voting shares in which he held in Vireo, leaving only 15.0 million share purchase warrants in his holdings as of this morning.
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Warrants held by Linton are believed to have exercise prices ranging from US1.02 to $5.86, with the bulk of them, 10 million, having an exercise price of US$1.02, which are currently in-the-money as of this morning.
Vireo Health last traded at $1.62 on the CSE.
Information for this briefing was found via Sedar and Vireo Health. 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.
