RE:RE:Dilutionyes you are right Touran, an attempt at a takeover is on the table, but needs major retail investor support, public news cast coming of meeting for voting,,,,
Hostilial takeover ... investor Adam Arviv investor-calls-ouster-hexo-board-member An activist shareholder is pushing for an overhaul of Gatineau-based cannabis producer Hexo’s board of directors in the wake of the firm’s mounting debt woes and tumbling stock price. Adam Arviv, who owns about two per cent of Hexo’s shares, announced this week he plans to nominate five new directors – including himself – to Hexo’s eight-person board in a bid to get the company back on track after a “disappointing performance” that’s seen its shares plummet more than 90 per cent over the past 12 months. “The market has spoken loudly, and Hexo shareholders have made it clear that they have no confidence in the direction of the company and in the ability of the incumbent board to right the ship and reverse the downward slide,” Arviv said in a news release Wednesday night. “Without monumental change, Hexo Shares will continue their unrelenting descent.” It’s the latest salvo from Arviv, who has been sparring with Hexo management for months. Last fall, he blasted the leadership of then-CEO Sebastien St-Louis in a letter to the board, citing “recent dilutive financings, the CEO's misalignment with shareholders, and a lack of basic business skills to lead.” Acquisition tear His call to oust more than half the company’s board continues a turbulent stretch for Hexo, which went on an acquisition tear in 2021 that triggered concerns among investors who worried the company’s shares were becoming overly diluted as it issued new stock to help pay for the transactions.