DIRTT Announces Receipt of Shareholder Meeting Requisition
Dirt Environmental Solutions Ltd. (DRTT) has received a shareholder requisition for a special meeting to consider the removal of six independent directors, nominated by Mr. Aron English of 22NW Fund, LP.
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Rhea-AI Summary
Dirt Environmental Solutions Ltd. (DRTT) has received a shareholder requisition for a special meeting to consider the removal of six independent directors, nominated by Mr. Aron English of 22NW Fund, LP. The Board will assess the validity of this requisition and will respond accordingly. Shareholders are not required to act at this time. DIRTT specializes in customized interior construction using proprietary software to ensure efficiency and sustainability. Their operations are supported by various manufacturing facilities across North America.
Positive
- DIRTT's proprietary ICE® software allows for efficient design, manufacturing, and installation of customizable environments.
- The company operates multiple manufacturing facilities in key locations across North America, enhancing its production capabilities.
Negative
- The requisition for the removal of six directors could indicate governance concerns that may affect investor confidence.
Details
News Market Reaction – DRTT
The recorded move for DRTT in the trading session of this news was +6.81%.
Data tracked by StockTitan Argus. Session date unavailable.
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CALGARY, Alberta, Nov. 17, 2021 (GLOBE NEWSWIRE) -- DIRTT Environmental Solutions Ltd. (“DIRTT”, the “Company”, “we” or “us”) (Nasdaq: DRTT, TSX: DRT), an interior construction company that uses proprietary software to design, manufacture and install fully customizable environments, announced today that its board of directors (the “Board”) has received a requisition pursuant to section 142 of the Business Corporations Act (Alberta). The requisition requests a special meeting of the Company’s shareholders be called to consider removing from office six (6) of the independent directors of the Company and replacing them with hand-picked nominees of Mr. Aron English of 22NW Fund, LP.
The Board (or a Committee thereof) will review the requisition to, among other things, determine its validity. The Company will respond to the requisition in due course. Shareholders are not required to take any action at this time.
Advisors
DIRTT has retained McMillan LLP as its legal advisor and Kingsdale Advisors as its strategic shareholder advisor and proxy solicitation agent.
About DIRTT
DIRTT is a building process powered by technology. The Company uses its proprietary ICE® software to design, manufacture and install fully customized interior environments. The technology drives DIRTT’s advanced manufacturing and provides certainty on cost, schedule, and the final result. Complete interior spaces are constructed faster, cleaner, and more sustainably. DIRTT has manufacturing facilities in Phoenix, AZ, Savannah, GA, Rock Hill, SC, and Calgary, AB. The Company works with distribution partners throughout North America. DIRTT trades on Nasdaq under the symbol “DRTT” and on the Toronto Stock Exchange under the symbol “DRT”.
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