CHICAGO, Nov. 30, 2018 (GLOBE NEWSWIRE) -- PRESS RELEASE -- Robert Sampson has announced that, in connection with the business combination completed on Nov. 30, 2018 among certain parties, including Cresco Labs Inc. and Cresco Labs, Sampson, directly or indirectly, acquired ownership of:
- 100,000 super voting shares of the company, representing 20 percent of the issued and outstanding Super Voting Shares;
- an aggregate of four proportionate voting shares of the company, representing approximately 0.001 percent of the issued and outstanding Proportionate Voting Shares. The Proportionate Voting Shares are convertible into 200 subordinate voting shares of the company for each Proportionate Voting Share held.
Following the business combination, Sampson and the entities under the control and direction of Sampson continue to hold an aggregate of 17,467,920 units of Cresco, which are ultimately convertible into 17,467,920 Subordinate Voting Shares of the company.
Immediately prior to the completion of the business combination, Sampson did not own or exercise control or direction over any securities of the company. The Proportionate Voting Shares and Redeemable Units represent, on an as-converted to Subordinate Voting Share-basis, 44.40 percent of the issued and outstanding Subordinate Voting Shares (assuming the conversion only of those convertible securities held by Sampson and not of any other convertible securities of the company), and 6.47 percent of outstanding Subordinate Voting Shares on a fully diluted basis.
Sampson holds and controls his shares of the company for investment purposes only and Sampson may increase or decrease his beneficial ownership or control over the shares of the company, which he may do, from time to time, depending on market or other conditions and to the extent deemed advisable in light of his general investment strategy. The Super Voting Shares held by Sampson and certain other founders of Cresco are designed to ensure that such individuals have voting control at meetings of shareholders of the company. The Super Voting Shares are subject to the provisions of the investment agreement among the company, Sampson, and such other founders, as described in the company’s listing statement dated Nov. 30, 2018, which is posted and filed under the company’s profile on www.sedar.com.
