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     113  0 Kommentare NowVertical Fulfills Obligations and Enhances Shareholder Alignment

    TORONTO, June 12, 2024 (GLOBE NEWSWIRE) -- NowVertical Group Inc. (TSXV: NOW) (OTCQB: NOWVF) (“NOW” or the “Company”) announces that the Company has settled CAD$2.35 million owing to the former shareholders of Acrotrend Solutions Ltd. (the “Sellers”), including the Company’s CEO, Sandeep Mendiratta.

    Pursuant to the Company’s press release dated April 23, 2024, the Sellers were entitled to receive an aggregate of CAD$2.35 million in respect of certain historical earn out and top up obligations owing to the Sellers. Pursuant to a deed of amendment entered into between the Company and the Sellers, these obligations were settled through the issuance of 9,321,515 Class A subordinate voting shares in the capital of the Company (the “Shares”) at an average price of CAD$0.25 per share.

    Following the issuance of the Shares, Sandeep Mendiratta, CEO of NOW, owns approximately ten percent of the issued and outstanding voting shares of NOW.

    Sandeep Mendiratta, CEO of NowVertical, stated: "I am excited to be a substantial shareholder of NOW and remain committed to the growth of the Company. I see significant potential to improve and grow this business by integrating ourselves to operate as one brand, one business. This is a tremendous opportunity to participate in the future growth of the business".

    With this investment by the Sellers, the Company is in a much better position financially, with an improved balance sheet. In addition, the Sellers have waived their entitlement to interest in respect of the amounts of historical top up and earn out obligations.

    Of the Shares issued, 7,835,277 Shares were issued at a price of CAD$0.27 per Share in settlement of CAD$2,115,525 of indebtedness and 1,486,238 Shares were issued at a price of CAD$0.1575 in settlement of CAD$234,082.50 of indebtedness owing to the Sellers.

    All of the Shares issued to the Sellers are subject to a statutory four-month hold period. In addition, 7,835,277 Shares are subject to a contractual hold period expiring on the date that is six months following the date of issuance.

    About NowVertical Group Inc.

    The Company is a data analytics and AI solutions company offering comprehensive solutions, software and services. As a global provider, we deliver cutting-edge data, technology, and artificial intelligence (AI) applications to private and public enterprises. Our solutions form the bedrock of modern enterprises, converting data investments into business solutions. NOW is growing organically and through strategic acquisitions. For further details about NOW, please visit www.nowvertical.com.

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    NowVertical Fulfills Obligations and Enhances Shareholder Alignment TORONTO, June 12, 2024 (GLOBE NEWSWIRE) - NowVertical Group Inc. (TSXV: NOW) (OTCQB: NOWVF) (“NOW” or the “Company”) announces that the Company has settled CAD$2.35 million owing to the former shareholders of Acrotrend Solutions Ltd. (the …