XS Financial Board And Management Voluntarily Forfeit Over 25M Options

XS Financial Inc. XSHLF XSF, a specialty finance company providing CAPEX equipment financing solutions to cannabis companies in the United States, has canceled a total of 25 million stock options granted to certain officers, directors, and employees of the company. The option holders voluntarily surrendered the canceled options for no consideration.

David Kivitz, CEO of XS Financial stated: "We are pleased to announce the board and management have approved a voluntary forfeiture of several tranches of previously granted options. We feel our share price has not reflected the strong and improving fundamentals in our business and therefore felt it appropriate to reduce previously awarded options granted to our board and management. Combined with 50.7 million warrants which expired in March 2023, tied to our March 2021 private placement offering, our capitalization table has significantly improved for stakeholders."

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Photo: Benzinga edit with photos by jarmoluk and lindsayfox on Pixabay