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Curaleaf Holdings, Inc. (CSE: CURA) (OTC: CURLF), a vertically integrated cannabis company, said Monday that shareholders who hold around 75% of the company’s outstanding shares have signed an amended and extended lockup agreement.
Since Curaleaf completed a reverse takeover transaction one year ago, all shareholders who held more than 1% of the issued shares have been subject to lockup agreements, the company said Monday.
Shareholders have willingly singed an extended lockup agreement that limits the number of shares released as of Monday to 15% of previously lockedup shares.
An additional 15% of the locked-up shares will unlock on the last day of every subsequent calendar quarter, with the final 10% unlocking March 31, 2021, according to Curaleaf.
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"The extension of the lockup agreements by Curaleaf's core shareholders signals their ongoing support for the company,” Executive Chairman Boris Jordan said in a statement.
“We expect the new lockup release schedule to reduce uncertainty regarding the release of currently locked-up shares and provide for a more orderly increase in the available float in the company's shares. Nevertheless, the core shareholders have all expressed their current intention not to sell any shares despite the partial release from lock up. As announced on October 3, I myself recently increased my shareholding."
Curaleaf’s shares closed Monday’s market session down 2.4% at $5.94 per share.
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