TORONTO and NEW YORK, Aug. 21, 2020 /CNW/ – AcuityAds Holdings Inc. (TSX: AT) (OTCQX: ACUIF) (” AcuityAds ” or ” Company “), a technology leader that provides targeted digital media solutions enabling advertisers to connect intelligently with audiences across all digital advertising channels, today announced that three of […]
Beginning on September 19, 2020, under each of the ASDPs, an independent broker engaged by each Co-Founder will sell, on behalf of such Co-Founder, up to 15,000 common shares of AcuityAds on the open market per month over a period of twelve months at prevailing market prices (subject to certain minimum price thresholds). The total shares under the ASDPs represent approximately 5% of each Co-Founder’s total current shareholdings in the Company.
In allowing the Co-Founders to enter into the ASDPs, the Company recognizes that it has benefited by the fact that it has been remunerating the Co-Founders on below-market terms, while the Co-Founders’ economic interests have been (and will continue to be) strongly aligned with other shareholders given the significant amount of their personal net worth that is invested in AcuityAds. The Company believes that it is appropriate to facilitate the sale of this small percentage of their holdings without subjecting the Co-Founders to lengthy restrictions on their ability to effect trades in AcuityAds shares because of trading blackouts imposed under the Company’s trading policy.
Generally, Canadian securities legislation permits an insider to adopt a written ASDP to sell shares through an independent broker in accordance with a pre-arranged set of instructions, regardless of any subsequent material non-public information the insider may receive. The Co-Founders will not exercise any further discretion or influence over how dispositions will occur under his or her ASDP and they are each subject to restrictions on their ability to modify, suspend or terminate participation in their ASDP.