POSaBIT Systems Corporation Grants Stock Options

Rhea-AI Summary

POSaBIT Systems Corporation, a financial technology firm focused on payment processing in the cannabis sector, announced the approval of 744,400 stock options for its stock option plan participants. The options, exercisable at C$0.275 per share, have varying vesting periods up to 4 years. This brings the total options outstanding to 12,337,369, with 4,272,631 still available for issuance under the plan. POSaBIT aims to provide innovative, compliant solutions for cash-only businesses, enhancing safety and transparency in high-risk markets.

Positive

• Approval of 744,400 stock options may align employee incentives with company performance.
• Stock options have an exercise price of C$0.275, potentially increasing share value if the company grows.

Negative

• Total outstanding options of 12,337,369 may dilute share value for existing shareholders.
• Only 4,272,631 options remain available for future issuance, limiting flexibility in compensating employees.

POSaBIT Systems Corporation (“POSaBIT” or the “Company”), a leading financial technology company delivering unique payment processing and point-of-sale (POS) systems for cash-only businesses with a focus on the cannabis industry, announces that the Board of Directors has approved the grant of 744,400 stock options (the “Options”) to participants of the Company’s stock option plan (the “Plan”). The Options are exercisable into common shares of the Company at an exercise price of C$0.275 per share over the next 10 years, with vesting periods ranging from immediately to 4 years, all in accordance with the Plan.

As of the date hereof, a total of 16,610,000 common shares of the Company are reserved for issuance under the Plan and after the grant, there are 12,337,369 options outstanding, with 4,272,631 available for issuance under the Plan.

About POSaBIT

POSaBIT (CSE: PBIT) is a financial technology company that delivers unique and innovative, blockchain-enabled payment processing and point-of-sale systems for cash-only businesses. POSaBIT specializes in resolving pain points for complex, high-risk, emerging industries like cannabis with an all-in-one solution that is compliant, user-friendly and utilizes top-of-the-line hardware. POSaBIT’s unique solution provides a safer and transparent environment for merchants while creating a better overall experience for the consumer. For additional information, visit: www.posabit.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210315005209/en/

FAQ

What is the purpose of the stock options granted by POSaBIT?

The stock options are intended to align employee incentives with the company's performance.

What is the exercise price for the new stock options granted by POSaBIT?

The exercise price for the new stock options is C$0.275 per share.

How many stock options are currently outstanding for POSaBIT?

After the recent grant, there are 12,337,369 stock options outstanding.

What is the vesting period for the new stock options from POSaBIT?

The vesting periods for the new stock options range from immediately to 4 years.

How many options are available for issuance under POSaBIT's stock option plan?

There are 4,272,631 options available for issuance under the plan.