XS Financial Board and Management Voluntarily Forfeit over 25 Million Options

Rhea-AI Summary

XS Financial Inc. (CSE:XSF) announced the voluntary cancellation of 25,023,888 stock options held by officers, directors, and employees, with no compensation provided. CEO David Kivitz noted that this action comes as the company's stock price has not reflected its improving fundamentals. This cancellation, combined with the expiration of 50,667,531 warrants in March 2023, has significantly improved the company’s capitalization table for stakeholders. Established in 2017, XS Financial offers CAPEX financing to cannabis businesses in the U.S. and collaborates with over 250 OEMs to enhance its offerings.

Positive

• Cancellation of 25 million stock options improves capitalization.
• Expiration of over 50 million warrants further enhances shareholder value.
• The company's business fundamentals are reportedly strong and improving.

Negative

• None.

LOS ANGELES, CA / ACCESSWIRE / March 20, 2023 / XS Financial Inc. ("XS Financial", "XSF" or the "Company") (CSE:XSF), a specialty finance company providing CAPEX equipment financing solutions to cannabis companies in the United States, announced that it has canceled a total of 25,023,888 stock options ("Cancelled Options") granted to certain officers, directors, and employees of the Company. The option holders voluntarily surrendered the Canceled Options for no consideration.

David Kivitz, CEO of XS Financial commented: "We are pleased to announce the board and management have approved a voluntary forfeiture of several tranches of previously granted options. We feel our share price has not reflected the strong and improving fundamentals in our business and therefore felt it appropriate to reduce previously awarded options granted to our board and management. Combined with 50,667,531 warrants which expired in March 2023, tied to our March 2021 Private Placement offering, our capitalization table has significantly improved for stakeholders."

About XS Financial

Founded in 2017, XS Financial specializes in providing CAPEX financing solutions to cannabis companies in the United States, including cultivators, processors, manufacturers, and testing laboratories. In addition, XSF has partnered with over 250 original equipment manufacturers (OEM) through its network of Preferred Vendor partnerships. This powerful dynamic provides an end-to-end solution for customers which results in recurring revenues, strong profit margins, and a proven business model for XSF stakeholders. The Company's subordinate voting shares are traded on the Canadian Securities Exchange under the symbol "XSF". For more information, visit: www.xsfinancial.com.

For inquiries please contact:

David Kivitz
Chief Executive Officer

Antony Radbod
Chief Operating Officer

Tel: 1-310-683-2336
Email: ir@xsfinancial.com

Forward-Looking Information

This press release contains "forward-looking information" and may also contain statements that may constitute "forward-looking statements", collectively "forward-looking information", within the meaning of applicable Canadian securities legislation. Such forward-looking information is not representative of historical facts or information or current condition, but instead represent the beliefs and expectations regarding future events about the business and the industry and markets in which XS Financial operates, as well as plans or objectives of management, many of which, by their nature, are inherently uncertain. Generally, such forward-looking information can be identified by the use of terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". Forward-looking information contained herein may include but is not limited to, any additional leasing opportunities and the ability to capitalize on such and the timing thereof. Forward-looking information is not a guarantee of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Accordingly, readers should not place undue reliance on forward-looking information, which are qualified in their entirety by this cautionary statement. XS Financial Inc., does not undertake any obligation to release publicly any revisions for updating any voluntary forward-looking information, except as required by applicable securities law.

Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

SOURCE: XS Financial

View source version on accesswire.com:
https://www.accesswire.com/744593/XS-Financial-Board-and-Management-Voluntarily-Forfeit-over-25-Million-Options

FAQ

What stock options were canceled by XS Financial on March 20, 2023?

XS Financial canceled a total of 25,023,888 stock options held by its officers, directors, and employees.

What impact does the cancellation of stock options have on XS Financial's shareholders?

The cancellation of stock options, along with the expiration of 50,667,531 warrants, has improved the capitalization table for XS Financial's shareholders.

What does XS Financial specialize in?

XS Financial specializes in providing CAPEX equipment financing solutions to cannabis companies in the United States.

How many original equipment manufacturers does XS Financial partner with?

XS Financial has partnered with over 250 original equipment manufacturers (OEM) to enhance its financing solutions.

Who is the CEO of XS Financial?

David Kivitz is the CEO of XS Financial.