Kane Biotech Announces Cancellation of Options and Issuance of Restricted Share Units
Kane Biotech has announced the cancellation of 8,470,555 stock options held by directors, officers, and employees, while simultaneously issuing 10,739,488 restricted share units (RSUs). These RSUs can be converted into common shares over a ten-year period following their grant. This action is part of the company's performance and restricted share unit plan dated April 21, 2021. Kane Biotech focuses on developing technologies to combat microbial biofilms and holds 54 patents and pending patents.
- Issuance of 10,739,488 RSUs provides potential incentives for performance.
- Company holds 54 patents related to its proprietary technologies.
- Cancellation of 8,470,555 stock options may indicate a restructuring or loss of confidence in management.
WINNIPEG, Manitoba, July 21, 2021 (GLOBE NEWSWIRE) -- Kane Biotech Inc. (TSX-V:KNE; OTCQB:KNBIF), (the “Company” or “Kane Biotech”), today announces that it has cancelled 8,470,555 stock options of the Company (the “Cancelled Options”) of various directors, officers, employees and consultants of the Company. The Company also wishes to announce the issuance of 10,739,488 restricted share units of the Company (“RSUs”) to various directors, officers, employees and consultants of the Company pursuant to the performance and restricted share unit plan of the Company dated April 21, 2021. Each exchanged RSU is exercisable into one common share of the Company (“Shares”) for a period of ten years from the date of grant. The expiry date of the RSUs and the vesting period of the RSUs vary depending on the participant.
About Kane Biotech
Kane Biotech is a biotechnology company engaged in the research, development and commercialization of technologies and products that prevent and remove microbial biofilms. The Company has a portfolio of biotechnologies, intellectual property (54 patents and patents pending, trade secrets and trademarks) and products developed by the Company's own biofilm research expertise and acquired from leading research institutions. StrixNB™, DispersinB®, Aledex™, bluestem™, bluestem®, silkstem™, goldstem™, coactiv+™, coactive+®, DermaKB™ and DermaKB Biofilm™ are trademarks of Kane Biotech Inc. The Company is listed on the TSX Venture Exchange under the symbol "KNE" and on the OTCQB Venture Market under the symbol “KNBIF”.
For more information, please visit www.kanebiotech.com, or contact:
| Marc Edwards | Ray Dupuis | Lorne Gorber |
| Chief Executive Officer | Chief Financial Officer | Investor Relations |
| Kane Biotech Inc | Kane Biotech Inc | Kane Biotech Inc. |
| medwards@kanebiotech.com | rdupuis@kanebiotech.com | lgorber@kanebiotech.com |
| +1 (514) 910-6991 | +1 (204) 298-2200 |
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
FAQ
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