Harborside announced that it will complete the previously announced name change to StateHouse Holdings Inc. on July 25, 2022. The company previously filed articles of amendment to effect these changes.
"This is an important milestone for the company, which was formed through the business combination of four pioneering California companies," said Ed Schmults, Chief Executive Officer. "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 also announced that its subordinate voting shares will be reclassified as common shares effective July 25, 2022, and that its board of directors has elected not to proceed with a share consolidation at this time. The board has also granted restricted share units 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 a total of 4,200,000 SVS to certain members of its management team to further align the interests of the company's management and shareholders. The options are exercisable at a price of C$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 statehouseholdings.com 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.". The name change was overwhelmingly approved by shareholders of the company at a special meeting held on February 22, 2022.
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