DIRTT Announces Intention to Adopt Shareholder Rights Plan

CALGARY, Alberta, March 19, 2024 (GLOBE NEWSWIRE) -- DIRTT Environmental Solutions Ltd. (TSX: DRT; OTC: DRTTF), a leader in industrialized construction, announced today that its Board of Directors intends to adopt a shareholder rights plan.

“We are grateful to all DIRTT shareholders, including DIRTT’s two largest shareholders, 22NW Fund, LP and WWT Opportunity #1 LLC, who participated in our recent rights offering and increased their financial investment in DIRTT. The CAD$30 million raised through the offering not only positions DIRTT for future growth and success, but also demonstrates the confidence of our current shareholders. We also believe that adopting the proposed rights plan is in the best interests of DIRTT and all shareholders, large and small, and will allow our people and our construction partners to focus on our clients and the Company’s future,” commented Board Chair Ken Sanders.

The proposed rights plan, once adopted, will be substantially similar to the shareholder rights plan adopted by the Company in 2021 and is intended to limit further concentration of ownership in the Company. The proposed rights plan will be subject to the approval of the Toronto Stock Exchange and to shareholder ratification within six months of its adoption. The date and time of the special meeting of shareholders to ratify the rights plan will be announced by the Company at a future date. If the rights plan is not ratified by DIRTT shareholders at such meeting, the rights plan and any rights issued thereunder will terminate and cease to be effective at that time. The proposed rights plan is not being adopted in response to any specific proposal to acquire control of the Company, and the Board is not aware of any pending or potential take-over bid for the Company.

ABOUT DIRTT

DIRTT is a leader in industrialized construction. DIRTT’s system of physical products and digital tools empowers organizations, together with construction and design leaders, to build high-performing, adaptable, interior environments. Operating in the workplace, healthcare, education, and public sector markets, DIRTT’s system provides total design freedom, and greater certainty in cost, schedule, and outcomes. DIRTT’s interior construction solutions are designed to be highly flexible and adaptable, enabling organizations to easily reconfigure their spaces as their needs evolve. Headquartered in Calgary, AB Canada, DIRTT trades on the Toronto Stock Exchange under the symbol “DRT”.