Logiq Issues Update on Employee Equity Incentive Plan Transactions
Logiq, Inc. (OTCQX: LGIQ) announced updates on employee stock transactions in a press release dated October 25, 2021. CEO Tom Furukawa forfeited 16,666 shares and COO Steven Hartman forfeited 5,764 shares to cover tax liabilities related to restricted stock units. An erroneous report suggested these shares were sold, but they were canceled and returned to the treasury. Additionally, President Brent Suen purchased 24,000 shares at $3.21 each. This marks the first instance under a new employee equity incentive plan allowing forfeiture of shares for tax obligations.
- Implementation of a new employee equity incentive plan that allows forfeiture of shares for tax liabilities.
- President Brent Suen's purchase of 24,000 shares signals confidence in company stock value.
- None.
NEW YORK, Oct. 25, 2021 (GLOBE NEWSWIRE) -- Logiq, Inc. (OTCQX: LGIQ, NEO: LGIQ), a global provider of award-winning consumer acquisition solutions, provided an update on recent employee stock transactions which were reported on Form 4 to the U.S. Securities and Exchange Commission on Friday, October 22, 2021.
As reported in respective Form 4s, Logiq CEO Tom Furukawa forfeited 16,666 shares and COO Steven Hartman forfeited 5,764 shares to satisfy the payment of withholding tax liability which incurred upon the vesting of the restricted stock units.
An online business news publisher, Newsfilter, erroneously reported that these shares were sold. However, as forfeited shares, they were not sold but were canceled and returned to the company’s treasury.
This was the first instances of a recently announced updated employee equity incentive plan which allows the option of forfeiting shares to satisfy tax withholding obligations rather than by selling shares. Excluding the sale in September by the plan administrator to satisfy a withholding tax liability, no insider has sold any of their Logiq shares since 2015.
The company earlier reported on a Form 4 that the company’s president, Brent Suen, purchased 24,000 shares of Logiq common stock from the open market at an average price of
About Logiq
Logiq Inc. is a U.S.-based leading global provider of e-commerce and fintech business enablement and customer acquisition solutions. Its DataLogiq business provides a data-driven, end-to-end e-commerce marketing solution. Its AI-powered LogiqX™ data engine delivers valuable consumer insights that enhance the ROI of online marketing spend. The company’s Fixel technology offers simplified online marketing with critical privacy features.
In its AppLogiq business, Logiq’s platform-as-a-service, branded as CreateApp™, enables small- and medium-sized businesses worldwide to easily create and deploy a native mobile app for their business without technical knowledge or background. CreateApp™ empowers businesses to reach more customers, increase sales, manage logistics, and promote their products and services in an easy, affordable, and highly efficient way.
CreateApp™ is offered in 14 languages across 10 countries and three continents, including some of the fastest-growing emerging markets in Southeast Asia. The company’s PayLogiq, branded as AtozPay™ in Indonesia, offers mobile payments, and GoLogiq, branded as AtozGo™ in Indonesia, offers hyper-local food delivery services. Connect with Logiq: Website | LinkedIn | Twitter | Facebook.
Important Cautions Regarding Forward-Looking Statements
This press release contains certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and is subject to the Safe Harbor created by those sections. This press release also contains forward‐looking statements and forward‐looking information within the meaning of Canadian securities legislation that relate to Logiq’s current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as "will likely result", "are expected to", "expects", "will continue", "is anticipated", "anticipates", "believes", "estimated", "intends", "plans", "forecast", "projection", "strategy", "objective" and "outlook") are not historical facts and may be forward‐looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward‐looking statements. No assurance can be given that these expectations will prove to be correct and such forward‐looking statements included in this press release should not be unduly relied upon.
These statements speak only as of the date of this press release. Forward‐looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond Logiq’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements. In particular and without limitation, this press release contains forward‐looking statements regarding our products and services, the use and/or ongoing demand for our products and services, expectations regarding our revenue and the revenue generation potential of our products and services, our partnerships and strategic alliances, the impact of global pandemics (including COVID-19) on the demand for our products and services, industry trends, overall market growth rates, our growth strategies, the continued growth of the addressable markets for our products and solutions, our business plans and strategies, our ability to successfully locate and consummate the contemplated strategic transactions, if any, and other risks described in the Company’s prior press releases and in its filings with the Securities and Exchange Commission (SEC) including its Annual Report on Form 10-K and any subsequent public filings, and filings made pursuant to Canadian securities legislation that are available on www.sedar.com, including under the heading "Risk Factors" in the Company's Canadian Prospectus.
Logiq undertakes no obligation to update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for Logiq to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward‐looking statement. Any forward‐looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement.
Company Contact
Brent Suen, President
Logiq, Inc.
Email contact
Media & Investor Contact
Ronald Both or Justin Lumley
CMA Investor & Media Relations
Tel (949) 432-7566
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