Ascent Industries Corp. (CSE:ASNT) Reaches Consensus With Concerned Shareholder Group
Ascent Industries Corp. (CSE:ASNT) announced on Friday last week that it reached a middle ground with its currently acting directors who represented a concerned shareholder group.
The directors of the company supported by Drew Malcolm acted on behalf of a group of shareholders who collectively own 53.07% of Ascent’s outstanding common shares. Ascent’s current directors namely and Daniel Lanskey, Karim Lalani and Blair Jordan agreed to step down from their positions as part of the agreement with the shareholder group.
Leadership changes in Ascent
The exiting directors will be replaced by David Hurford, Mark Lotz, and Paul Dillman. Meanwhile, the outgoing directors are also expected to step down from their director and executive positions in all of the company’s subsidiaries. All this means that Jordan will give up his CEO and CFO posts at Ascent while Lalani will no longer be the company’s Chief Legal Officer. The changes became effective on the same day that the announcement was made.
Despite their exit, the former executives agreed to continue providing consultancy services for a period of 30 days to facilitate a smooth transaction with the new directors and executives. Dillman will take over as Ascent’s interim Chief Executive Officer. He well equipped to handle the position given his extensive track record.
Dillman previously held down the Executive Vice President of Marketing, Sales & Operations position at Emerald Health Therapeutics Inc (OTCMKTS:EMHTF). He previously worked at Coca-Cola, AB InBev and Philip Morris which gave him more than 30 years of experience. He has also been involved in numerous successful startups including Electronic Cigarettes International Group where he served as its president.
Lotz will be Ascent’s new interim Chief Financial Officer and he also has an extensive portfolio of achievements including his own chartered accountant practice called Lotz CPA Inc. He has extensive experience in consulting, tax and business. He also previously served as a CFO and CEO in the brokerage sector. Hurford who was also selected as a new director at Ascent held down senior positions in municipal, provincial and federal governments, as well as non-profit organizations and crown corporations. The positions allowed him to rack up more than 20 years of experience.
The impact of the changes to the company’s stock
The announcement about the consensus that Ascent directors reached with its concerned group of shareholders as well as the executive and director changes had a positive impact on the stock. The stock closed Friday’s trading session at $0.52 SGD on Singapore’s Exchange market, the SGX. However, the stock kicked off this week on a bull trend believed to have been caused by the announcement. The price surged to a high of $0.53 SGD at the time of this press.
Ascent has cannabis processing and distribution operations in the U.S with facilities located in Nevada and Oregon. It also has operations in Europe through a Danish subsidiary called Agrima ApS which also doubles as its European headquarters. Ascent plans to use the Danish firm to secure more jurisdictional licenses in Europe.