NANAIMO, BC, May 31, 2022 /CNW/ - Atlas Engineered Products ("AEP" or the "Company") (TSXV: AEP) (OTC Markets: APEUF) announces that its President and Chief Executive Officer, Hadi Abassi, has established an automatic securities disposition plan (an "ASDP") in accordance with applicable Canadian securities laws and the Company's Insider Trading Policy. The ASDP has been established by Mr. Abassi for personal and family financial planning purposes, and does not reflect Mr. Abassi's views on the future prospects of the Company. Mr. Abassi will continue to hold a significant equity interest in the Company following the sale of shares under the ASDP.
The ASDP will allow for an orderly disposition of a portion of Mr. Abassi's shares in the Company at prevailing market prices over a period of 12 months. Mr. Abassi intends to have up to 1,600,000 common shares sold under the ASDP, representing 2.7% of the total number of common shares outstanding and approximately 21.2% of Mr. Abassi's holdings in the Company. Sales under the ASDP may commence June 2, 2022.
Canadian securities laws permit insiders to adopt ASDPs to sell, donate or otherwise transfer shares in the future in accordance with the pre-arranged terms of their ASDP, on an automatic basis, regardless of any subsequent material non-public information they receive. Once an ASDP is established, the insider is not permitted to exercise any further discretion or influence over how dispositions will occur under the ASDP.
Sales under the ASDP will be effected by an independent securities broker in accordance with the trading parameters set out in the ASDP. Mr. Abassi will not exercise any further discretion or influence over how dispositions will occur, and contains meaningful restrictions on the ability of Mr. Abassi to amend, suspend or terminate the ASDP. Dispositions pursuant to the ASDP will be reported by Mr. Abassi on SEDI in accordance with applicable Canadian securities legislation. Each such filing will bear a notation to advise readers that the dispositions relate to an ASDP. The ASDP has been authorized and approved by the Company under the terms of its Insider Trading Policy.
About Atlas Engineered Products Ltd.
AEP is a growth company that is acquiring and operating profitable, well-established operations in Canada's truss and engineered products industry. We have a well-defined and disciplined acquisition and operating growth strategy enabling us to scale aggressively and apply new technologies, giving us a unique opportunity to consolidate a fragmented industry of independent operators.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE Atlas Engineered Products Ltd.
View original content: http://www.newswire.ca/en/releases/archive/May2022/31/c1506.html