Awakn Life Sciences Reveals New Agreement Extension With The Company’s Internal Brass
Awakn Life Sciences Corp. (NEO: AWKN) (OTCMKTS: AWKNF) recently announced a voluntary lock-up agreement. The extension pertains to the company’s management, board of directors and even its most important shareholders. The biotech business specializes in developing psychedelic treatment modalities in the forms of medicine and therapies, and bringing them to market for the treatment of addiction to harmful substances.
Awakn’s public relations specialists state that the agreement noted above pertains to lock-up shareholders, meaning key shareholders, the company’s board and management team. The extension is appliable to equity ownership in regard to 11,500 shares that equate to slightly more than 46% of the outstanding and issued shares within the business.
The company’s public statement indicates the lock-up agreements entered by the key shareholders, board and management team are indicative of the confidence in Awakn’s vision for the future and also as the company’s role as a trailblazer in the psychedelics industry. The voluntary agreement reinforces the company’s conviction toward the team, the company’s business model and overarching strategy, each of which will prove vitally important to gaining market share as the psychedelics space continues to rapidly expand.
Awakn Has An Eye On The Future
Awakn Life Sciences’ primary focus is on helping patients overcome addiction. The Awakn corporation consists of some of the world’s top scientists, chemists, psychologists and psychiatrists. These professionals work in unison to create and advance breakthrough psychedelic treatment modalities. The company’s evidence-based psychedelic medicines and therapies are delivered to clinics throughout Europe and the United Kingdom through worldwide licensing partnerships.
The transition to the new year represents a new and fresh opportunity for Awakn to reinforce its identity as a psychedelics industry pioneer. The company is steadfastly focused on creating and transmitting psychedelic treatment modalities to those struggling with addiction. The lock-up shareholders, board and management team are committed to expediting Awakn’s upward scaling with the overarching goal of increasing shareholder value. In short, Awakn’s agreement extension should be construed as a bullish sign in the context of psychedelics investing.
A Closer Look At The Nuances Of The Lock-Up Agreement
In accordance with the voluntary lock-up agreement, the lock-up shareholders, board and top managers of Awakn will extend the original agreement by another six months. This means the lock-up agreement will shift from the original end date of December 23, 2021 all the way to June 23, 2022. The agreement is subject to what are referred to as “leak out” provisions. Those provisions are applicable once every three months moving forward all the way up until December 23, 2023.
The lock-up agreement states that the lock-out shareholders are not to pledge, sign, transfer, assign or dispose of the lock-up shares. Nor can these valued shareholders participate in the swapping, hedging or short-selling of lock-up shares. Additional restrictions not yet revealed by the company are also applicable to the agreement. In short, the agreement ensures Awakn’s financial foundation will remain formidable in the year ahead.
The key shareholders, the board and management referenced above hold 11.5 million shares of the aggregate outstanding shares. This figure equates to slightly more than 46% of the outstanding shares.