Automatic Securities Disposition Plan Established by Verde AgriTech Chief Executive Officer
BELO HORIZONTE, Brazil, July 15, 2022 (GLOBE NEWSWIRE) -- Verde AgriTech Plc (TSX: “NPK”) (OTCQB: “AMHPF”) (“Verde” or the “Company”) today announced that its President and Chief Executive Officer, Cristiano Veloso, established an automatic securities disposition plan (“ASDP”) in accordance with applicable Canadian securities legislation and the Company’s internal policies.
The ASDP permits trades to be made in accordance with pre-arranged instructions given when Mr. Veloso was not in possession of any material undisclosed information. The ASDP will be effective on the second trading day following the date on which the Company has filed its interim financial statements for the quarter ending June 2022. Sales of the shares under the ASDP may only commence two trading days after the release of such interim financial statements.
Up to 3,000,000 shares, representing approximately 5% of the issued and outstanding shares of the Company, may be sold under the ASDP implemented by Mr. Veloso. 874,621 shares would be issued upon the exercise of options to acquire shares held by Mr. Veloso, such options forming part of Mr. Veloso’s compensation for services as President and Chief Executive Officer of Verde. The ASDP is designed to allow for an orderly disposition of the shares to be issued upon the exercise of the options at prevailing market prices over the course of the 12-month period that sales under the ASDP are expected to take place.
Mr. Veloso has provided pre-arranged instructions in writing to the independent agent administering the ASDP, including the number of securities to be sold and setting out minimum trade prices. The minimum sale price is $9 per share. The number of shares that may be sold on a daily basis at a particular sale price will be limited based on daily trade volumes. The limitations range from 1% of daily volume for sale prices between $9 and $10 up to 15% for sale prices above $12 per share. The limitation on daily volume doesn’t apply to block trades greater than 50 thousand shares providing no more than 500 thousand shares are sold at each of the different price ranges.
The ASDP prohibits the agent administering the ASDP from consulting with Mr. Veloso regarding any sales under the ASDP and prohibits Mr. Veloso from disclosing to the agent any information concerning the Company that might influence the execution of the ASDP. The ASDP has been authorized and established in the form approved by the Company and contains meaningful restrictions on the ability of Mr. Veloso to amend, suspend or terminate the ASDP.
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