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Australis Capital Inc. (CSE: AUSA, OTC: AUSAF) announced a settlement with Passport Technology regarding the termination of a share purchase agreement. As part of the settlement, AUSA retains all customer fees, while Passport obtains AUSA's full interest in Paytron, LLC. No cash payments are exchanged. Additionally, Executive Chairman Scott Dowty has resigned, foregoing severance and unvested stock options, but will receive 4.25 million common shares. The company aims to refocus on its core U.S. cannabis business, with further management changes expected before the AGM.
Australis Capital Inc. (CSE: AUSA) (OTC: AUSAF) has scheduled its annual general and special meeting for November 17, 2020. The meeting was postponed to allow time for shareholders to consider recent developments, including the termination of the acquisition agreement with Passport Technology Inc. and the nomination of six new directors by dissident shareholders. The Board of Directors is reassessing its strategy and intends to propose new nominees to enhance shareholder value, aiming to resolve disputes with concerned shareholders.