Globalive Technology has approved the grant of restricted share units to directors, officers and employees of the company considered to be key participants in the successful negotiation and implementation of a previously announced reverse takeover transaction, and has made corresponding amendments to equity incentives previously granted to those individuals.
TORONTO, Sept. 11, 2020 /CNW/ - Globalive Technology Inc. (TSX-V: LIVE) (the "Company"), a technology company based in Toronto, Ontario, has approved the grant of 505,000 restricted share units for common shares of the Company (the "RSUs") under the Company's 2018 Omnibus Equity Incentive Compensation Plan (the "Plan"). The RSUs were granted as an incentive to directors, officers and employees of the Company (the "Key Participants") considered to have key roles to play in the successful negotiation and implementation of the reverse takeover transaction between the Company, Socati Corp. and Yooma Corp. described in previous press releases dated June 3, 2020 and July 13, 2020, or any other applicable change of control event (the "RTO Transaction").
The RSUs are each exchangeable for 1 common share of the Corporation and will vest on the date the management information circular in respect of the RTO Transaction is mailed out to shareholders (the "Mailing Date") or, if the management information circular has not yet been mailed, in three tranches of one-third each, with the first vesting on October 31, 2020, the second vesting one year from the grant date and the final vesting two years from the grant date.
In connection with RTO Transaction, the Corporation has also amended the terms of the 60,008 unvested RSUs previously granted to the Key Participants under the Plan to provide that they too will vest on the Mailing Date, and has cancelled an aggregate of 63,133 unexercised options for common shares of the Corporation previously issued to the Key Participants.
About Globalive Technology Inc.
Globalive Technology is a next generation software company and venture partner developing innovative solutions to disrupt traditional industries by leveraging artificial intelligence and machine learning technology stacks. Globalive Technology is controlled by Globalive Capital Inc., which has founded and co-founded 12 businesses over the past 20 years with six successful exits ranging from $10M to $1.3B USD. It has also made over 100 venture investments and has over 45 technology companies in its portfolio. For more information, visit www.globalivetech.com.
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CAUTION REGARDING FORWARD-LOOKING INFORMATION
This news release contains forward-looking statements relating to the Company and the grant of restricted share units under its 2018 Omnibus Equity Incentive Compensation Plan. Such forward-looking statements are identified by terms such as "will", "if" and similar expressions. All statements, other than statements of historical fact included in this release, including those noted above, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include the departure of RSU recipients from the Company prior to the vesting of their RSUs, RSU recipients choosing not to deliver a settlement notice in respect of their RSUs, difficulties or delays closing the RTO Transaction, and other risks as set out in the Company's Filing Statement available on its SEDAR page at www.sedar.com.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The Company cannot guarantee that any of the forward-looking statements contained in this press release will occur as disclosed herein or at all. The reader is cautioned not to place undue reliance on any forward-looking information.
Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will only update or revise publicly the included forward-looking statements as expressly required by Canadian securities law.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Globalive Technology