Tilray Shareholder Privateer Holdings Extends Lock-up
Tilray Inc (NASDAQ:TLRY) said Monday that its largest shareholder, Privateer Holdings, has signed a definitive agreement to extend the lock-up it has on Tilray shares and provide for the distribution of 77% of Tilray shares to Privateer equity holders over two years.
Tilray was originally incubated and financed by Privateer as one of its wholly owned operating subsidiaries before closing a Series A funding round in February 2018.
Privateer distributed its ownership of its three other operating subsidiaries unrelated to Tilray directly to Privateer stockholders, leaving no material assets in Privateer other than the 75 million shares it currently holds in Tilray.
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"We appreciate the long-term confidence that Privateer has in the Tilray business and we look forward to having their investors as part of our stockholder base,” Tilray CFO Mark Castaneda said in a statement.
“We believe this transaction will give Tilray greater control and operating flexibility, while allowing us to effectively manage our public float."
Tilray shares were trading down 4.09% at $30.75 at the time of publication. The stock has a 52-week high of $300 and a 52-week low of $25.15.
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