Harborside Inc. HBORF HBOR will complete the previously announced name change to StateHouse Holdings Inc. on July 25, 2022.
“This is an important milestone for the Company, which was formed through the business combination of four pioneering California companies,” stated Ed Schmults, CEO. “As we look to the future, the name change to StateHouse reflects our shared journey from activism and advocacy, to the establishment of an enterprise with high standards of quality, consistency and reliability. Separately and now together, we have developed a legitimate industry from the ground up. Today, we begin a new chapter as we continue to build a premier California cannabis company. We believe our fully integrated platform for growth is the finest of any cannabis firm in the state.”
The company’s subordinate voting shares (“SVS”) will be reclassified as common shares effective July 25, 2022, and its board of directors has elected not to proceed with a share consolidation at this time. The board has also granted restricted share units (“RSUs”) evidencing the right to receive up to an aggregate of 450,000 SVS, subject to the satisfaction of certain vesting conditions, and options to purchase up to an aggregate 4.2 million SVS to certain members of its management team in order to further align the interests of the company’s management and shareholders. The options are exercisable at a price of CA$0.37 per SVS for a period of five years from the date of grant, with one quarter of the total number of options granted vesting on each of the first, second, third and fourth anniversary of the date of grant.
The company will be officially renamed StateHouse on July 25, 2022. The new corporate website will launch on that date with additional information about the company and its go-forward strategy. Harborside’s archived corporate information, including financial results and news releases, will also be available on the StateHouse site.
Effective upon the market open on July 25, 2022, the stock will trade on the Canadian Securities Exchange under the new ticker symbol “STHZ.“.
To Read The Rest Of This Article By Vuk Zdinjak on Benzinga
Published: July 15, 2022
Founder & Interim Editor of L.A. Cannabis News