Petroteq Cancels Stock Options

Rhea-AI Summary

Petroteq Energy Inc. has announced the cancellation of 4,250,000 stock options with exercise prices ranging from C$1.00 to C$2.27. This decision comes as part of the implementation of a new 2022 Equity Incentive Plan that was approved by shareholders on July 21, 2022. Following this cancellation, the company will have no outstanding stock options. This move aims to align with the company's focus on developing and implementing proprietary oil sands extraction technologies.

Positive

• Implementation of a new 2022 Equity Incentive Plan approved by shareholders.
• Cancellation of stock options could indicate a strategic shift in management compensation.

Negative

• None.

SHERMAN OAKS, CA / ACCESSWIRE / July 27, 2022 / Petroteq Energy Inc. ("Petroteq" or the "Company") ‎‎‎(TSXV:PQE; OTC PINK:PQEFF; FSE:PQCF), ‎an ‎ an oil company focused on the development and implementation of its proprietary oil sands extraction and remediation technologies, announces that it and the optionees of all of the issued and outstanding stock options of the Company have agreed to cancel an aggregate of 4,250,000 stock options, all of which had exercise prices between C$1.00 and C$2.27. Subject to compliance with the policies of the TSX Venture Exchange, the optionees will be eligible to receive awards under the Company's new 2022 Equity Incentive Plan approved by shareholders on July 21, 2022. Accordingly, the Company now has no outstanding stock options.

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.‎

CONTACT INFORMATION:

Petroteq Energy Inc.‎
Vladimir Podlipskiy
Interim Chief Executive Officer
Tel: (800) 979-1897‎

SOURCE: Petroteq Energy Inc.‎

View source version on accesswire.com:
https://www.accesswire.com/709970/Petroteq-Cancels-Stock-Options

FAQ

What is the recent stock options cancellation by Petroteq Energy Inc.?

Petroteq Energy Inc. has cancelled 4,250,000 stock options to align with its new 2022 Equity Incentive Plan.

What are the exercise prices of the cancelled stock options of Petroteq?

The cancelled stock options had exercise prices ranging from C$1.00 to C$2.27.

When was the new Equity Incentive Plan for Petroteq Energy approved?

The new Equity Incentive Plan was approved by shareholders on July 21, 2022.

How many stock options does Petroteq Energy have after the cancellation?

After the cancellation, Petroteq Energy has no outstanding stock options.

What is the significance of the cancellation of stock options at Petroteq?

The cancellation of stock options may indicate a strategic realignment in management compensation and company direction.