Planet 13 Announces One Month Adjustment to Vesting Schedules of Restricted Stock Units
Planet 13 Holdings (CSE:PLTH)(OTCQX:PLNHF) has announced adjustments to the vesting schedule of previously issued restricted stock units (RSUs) due to a blackout period for insider transactions following the September 30 quarter end. The vesting of 3,763,594 RSUs will now occur in three equal tranches on December 1, 2021, 2022, and 2023, which is a one-month delay. Conversely, 835,484 unvested RSUs from a prior award will now vest on December 1, 2021, one month earlier than initially planned. This adjustment aims to align tax obligations with the vesting dates.
- Adjustment aligns vesting schedules with tax obligations, potentially benefiting insiders by easing financial responsibilities.
- Delays in vesting schedules may create uncertainty for insiders relying on RSUs for compensation.
LAS VEGAS, NV / ACCESSWIRE / October 18, 2021 / Planet 13 Holdings Inc. (CSE:PLTH)(OTCQX:PLNHF) ("Planet 13" or the "Company"), a leading vertically-integrated Nevada cannabis company, announces adjustment of vesting schedule to previously issued restricted stock units ("RSUs").
Due to the blackout period for Company insider stock transactions arising after the September 30 quarter end and continuing until the disclosure of applicable financial results, and the requirement to sell a portion of the vested RSUs to remit federal tax obligations shortly following the RSU award vesting dates, the Company has approved the following vesting schedule adjustments to previously awarded RSUs:
For the RSU award announced on April 19, 2021, RSUs issued to Company insiders in the amount of 3,763,594 and with a previous vesting schedule of three equal tranches vesting on November 1, 2021, November 1, 2022, and November 1, 2023 have been adjusted to vest over three equal tranches on December 1, 2021, 2022, and 2023, or, one month later than originally scheduled.
For the RSU recipients impacted by the above one month deferral of each vesting date under the April 19, 2021 RSU award, the Company has approved a one month acceleration of the originally scheduled one-third final vesting tranche of the RSU award originally announced on July 2, 2019, being 835,484 unvested RSUs remaining which were originally scheduled to vest on January 1, 2022 that are now scheduled to vest on December 1, 2021.
For more information on Planet 13, visit the investor website.
About Planet 13
Planet 13 (www.planet13holdings.com) is a vertically integrated cannabis company, with award-winning cultivation, production and dispensary operations in Las Vegas, dispensary operations in Orange County, California, and a Florida MMTC license. Planet 13's mission is to build a recognizable global brand known for world-class dispensary operations and a creator of innovative cannabis products. Planet 13's shares trade on the Canadian Stock Exchange (CSE) under the symbol PLTH and OTCQX under the symbol PLNHF.
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward looking-statements relate to the future amended vesting dates described above.
These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: risks associated with COVID-19 and other infectious diseases presenting as major health issues; fluctuations in general macroeconomic conditions; fluctuations in securities markets; expectations regarding the size of the Nevada and California cannabis market and changing consumer habits; the ability of the Company to successfully achieve its business objectives; plans for expansion; political and social uncertainties; inability to obtain adequate insurance to cover risks and hazards; and the presence of laws and regulations that may impose restrictions on cultivation, production, distribution and sale of cannabis and cannabis related products in the State of Nevada; and employee relations. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. The Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
The Company is indirectly involved in the manufacture, possession, use, sale and distribution of cannabis in the recreational and medicinal cannabis marketplace in the United States through licensed subsidiary entities in states that have legalized marijuana operations, however, these activities are currently illegal under United States federal law. Additional information regarding this and other risks and uncertainties relating to the Company's business, including COVID-19, are contained under the heading "Risk Factors" and elsewhere in the Company's annual information form dated April 5, 2021 filed on its issuer profile on SEDAR at www.sedar.com.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
For further inquiries, please contact:
LodeRock Advisors Inc., Planet 13 Investor Relations
mark.kuindersma@loderockadvisors.com
(416) 519-2156 ext. 2230
Robert Groesbeck or Larry Scheffler
Co-Chief Executive Officers
ir@planet13lasvegas.com
SOURCE: Planet 13 Holdings
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https://www.accesswire.com/668642/Planet-13-Announces-One-Month-Adjustment-to-Vesting-Schedules-of-Restricted-Stock-Units
FAQ
What changes were made to Planet 13 Holdings' RSU vesting schedule?
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