2023-03-24 09:21:04 ET
- SQI Diagnostics ( OTCQB:SQIDF ) said that certain insiders of the company plan to sell shares and exercise warrants to fund the company.
- These people — who together own about ~75% of the company's outstanding common shares — plan to sell from time to time up to a total of 45M hares, or 15M shares per Majority Shareholder, at prevailing market prices at the time.
- The insiders plan to use the proceeds of such sales to finance the exercise of common share purchase warrants held by such Majority Shareholders at exercise prices between $0.12 and $0.21 to fund the company, SQI noted.
- These Majority Shareholders plan to execute the sales of shares through a combination of private and over the market trades.
- SQI plans to use the net proceeds from the exercise of warrants by the Majority Shareholders to fund working capital and for general corporate purposes.
For further details see:
SQI Diagnostics majority shareholders plan stock sale, exercise warrants to fund company