Avicanna (TSX:AVCN,OTCQX:AVCNF) announced on Tuesday (October 29) executives in the company have voluntarily entered into lock-up agreements to extend the term of their lock-up periods, affecting about 7.7 million shares.
As quoted in the press release:
Each member of the Company’s board of directors has entered into voluntary lock-up agreements pursuant to which they will not sell, transfer or pledge any of their Avicanna securities prior to July 1, 2020. On July 1, 2020, the Company will release 10% of such securities to the respective directors, with the remaining securities released in six equal tranches of 15% every six months following the first release, subject to customary exceptions. The members of the board of directors hold an aggregate of 7,176,850 common shares of the Company.