TORONTO, Dec. 12, 2022 (GLOBE NEWSWIRE) -- Bigstack Opportunities I Inc. (TSXV: STAK) (the “Corporation”), is pleased to announce the results of its Annual General and Special Meeting of shareholders (“Shareholders”) held on December 5, 2022 (the “Meeting”).
Shareholders elected all three management nominees to the board of directors of the Corporation for the ensuing year. As such, the Corporation’s board of directors remains:
Eric Szustak
Magaly Bianchini
Dennis H. Peterson
Shareholders also voted to:
- re-appoint Clearhouse LLP as the auditors of the Corporation for the ensuing year and authorize the directors to fix their remuneration;
- approve the Corporation’s 2022 Stock Option Plan (the “Plan”), as amended to comply with the new Policy 4.4 – Security Based Compensation of the TSX Venture Exchange (the “Exchange”);
- authorize and approve the change of name of the Corporation to such other name as may be determined by the board of directors in its sole discretion; and
- authorize and approve the consolidation of the outstanding common shares of the Corporation on the basis of such consolidation ratio as may be selected by the board of directors in their sole discretion, up to a maximum consolidation ratio of ten (10) pre-consolidation common shares for every one (1) post-consolidation share.
Further information concerning the actions taken at the Meeting is available in the Corporation’s information circular dated October 31, 2022, which is available on the Corporation’s SEDAR profile at www.sedar.com.
The SOP and Amendments Thereto
The SOP was amended in advance of the Meeting to comply with the new TSXV Policy 2.2 – Security Based Compensation (the “Policy”). The SOP provides for a floating maximum limit of 10% of the outstanding Common Shares of the Corporation, as permitted by the Policy. As at the date of the Meeting, 926,000 Common Shares were available for reservation under the SOP. The terms of any individual grant of options will be determined at the discretion of the Board of the Corporation, provided that they comply with all applicable laws, regulations, and Exchange policies. The Exchange has conditionally approved the SOP, and final approval is expected following the issuance of this press release.
Key amendments to the SOP included:
- a requirement that shares reserved for issuance pursuant to options granted to persons who are employed in Investor Relations Activities (as that term is defined in TSXV Policy 1.1 – Interpretation) during any twelve-month period shall not exceed 2% of the total number of shares then outstanding, provided that no options shall be granted to persons who are employed in Investor Relations Activities while the Corporation remains a Capital Pool Company (as that term is defined by the policies of the Exchange);
- a requirement that options granted to persons who are employed in Investor Relations Activities (as that term is defined in TSXV Policy 1.1 – Interpretation) shall vest in stages over a period of not less than twelve months, such that no more than ¼ of the options may vest after each consecutive three-month period;
- a requirement that shareholder approval be obtained for any extension of the term of an option, if the option holder is an Insider (as such term is defined by the Exchange) of the Corporation;
- a requirement that the vesting of no option held by a person employed in Investor Relations Activities (as that term is defined in TSXV Policy 1.1 – Interpretation) be accelerated without prior Exchange approval;
The above summary is qualified in its entirety by the full text of the SOP, which is available in the Corporation’s information circular dated October 31, 2022, accessible on the Corporation’s SEDAR profile at www.sedar.com.
About Bigstack Opportunities I Inc.
The Corporation is a Capital Pool Company as defined in the policies of the TSXV. To date, the Corporation has not conducted operations of any kind and has not entered into an “Agreement in Principle”, as such phrase is defined in TSXV Policy 2.4 – Capital Pool Companies. The Corporation continues to identify and evaluate assets of businesses for acquisition with a view to completing a “Qualifying Transaction” under the Capital Pool Company program of the Exchange.
For more information, please contact Eric Szustak, the President, Chief Executive Officer, Chief Financial Officer, Corporate Secretary and a director of the Corporation.
Eric Szustak
President, CEO, CFO, Corporate Secretary and Director
E: eszustak@jbrlimited.com
T: (905) 330-7948
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news
release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the satisfaction of conditions and the resumption of trading of the Corporation’s common shares. Forward- looking statements are based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive shareholder, exchange or regulatory approvals; and the results of continued business development, marketing and sales. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers of this news release should not place undue reliance on forward-looking statements.
The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
