Clifford Starke's Holdings in Flora Growth Corp.

Rhea-AI Summary

Flora Growth Corp. (FLGC) announced that its Board of Directors granted Clifford Starke 900,000 Restricted Stock Awards on December 15, 2024, which fully vested immediately. Prior to this grant, Starke owned 1,346,902 Common Shares, representing 7.80% of outstanding shares. Following the acquisition, Starke's holdings increased to 3,850,886 Common Shares on a fully-diluted basis, representing approximately 16.39% of the company's outstanding shares. The acquisition was made for investment purposes, with Starke maintaining the right to acquire or dispose of securities based on market conditions and company prospects.

Positive

• Significant insider stock acquisition shows management confidence
• Substantial increase in ownership stake from 7.80% to 16.39%

Negative

• Large stock grant may lead to potential future dilution if sold

Panama City, Panama--(Newsfile Corp. - December 17, 2024) - On December 15, 2024, Flora Growth Corp.'s Board of Directors granted Clifford Starke (the "Acquiror") 900,000 Restricted Stock Awards which fully vested on December 15, 2024 (the "Acquisition").

Immediately before the completion of the Acquisition, the Acquiror owned an aggregate of 1,346,902 Common Shares, representing approximately 7.80% of the outstanding Common Shares of the Issuer. Immediately following the completion of the Acquisition, the Acquiror, on a fully-diluted basis assuming exercise of all options, warrants and stock appreciation rights, holds an aggregate of 3,850,886 Common Shares, representing approximately 16.39% of the outstanding Common Shares of the Issuer on a fully-diluted basis.

In accordance with applicable securities laws, the Acquiror may, from time to time and at any time, acquire additional common shares, and/or other equity, debt or other securities or instruments (collectively, "Securities") of the Issuer in the open market or otherwise, and Acquiror reserves the right to dispose of any or all of its Securities in the open market or otherwise at any time and from time to time, and to engage in similar transactions with respect to the Securities, the whole depending on market conditions, the business and prospects of the Issuer and other relevant factors.

The head office address of the Acquiror is PH Park Loft - Suite 2006, Via Porras 75 Panama City, Panama.

The Acquiror acquired the Shares for investment purposes, and has no present intention of acquiring additional Securities. Depending upon the Acquiror's evaluation of the business, prospects and financial condition of the Issuer, the market for the Issuer's Securities, general economic and tax conditions and other factors, the Acquiror may acquire more or sell some or all of the Acquiror's Securities of the Issuer.

This press release is issued pursuant to early warning requirements of National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues which also requires the Early Warning Report to be filed in accordance with applicable Canadian securities laws. For further information please refer to the Early Warning Report to be posted on the Issuer's SEDAR+ profile at www.sedarplus.com or which may be obtained by contacting the Acquiror at (416) 361-3121.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/234245

FAQ

How many shares did Clifford Starke receive in Flora Growth (FLGC) on December 15, 2024?

Clifford Starke received 900,000 Restricted Stock Awards from Flora Growth Corp. on December 15, 2024, which vested immediately upon grant.

What is Clifford Starke's total ownership percentage in FLGC after the December 2024 grant?

After the grant, Clifford Starke's ownership increased to 16.39% of Flora Growth Corp.'s outstanding shares on a fully-diluted basis.

How many FLGC shares did Clifford Starke own before the December 2024 grant?

Before the grant, Clifford Starke owned 1,346,902 Common Shares, representing approximately 7.80% of Flora Growth Corp.'s outstanding shares.

What is the total number of FLGC shares held by Clifford Starke after the December 2024 grant?

After the grant, Clifford Starke holds 3,850,886 Common Shares on a fully-diluted basis, assuming exercise of all options, warrants and stock appreciation rights.