Coho Collective Kitchens Inc. Announces Lock-Up Of 56,609,764 Shares Until December 9, 2023
VANCOUVER, British Columbia, January 3, 2023 – Coho Collective Kitchens Inc. (“Coho” or the “Company”) (TSXV: COHO), a commercial real estate and food technology company that provides private and shared kitchen and food production space to a variety of businesses, announced today that shareholders holding an aggregate of 56,609,764 common shares of Coho (the “Shares”) have voluntarily executed an extension to a lock-up agreement (the “Lock-Up”) for their Shares. 56,609,764 Shares will be subject to the restrictions imposed by the Lock-Up until December 9, 2023 (the “Lock-up Period”).
Subject to limited exceptions, the Lock-Up stipulates that, during the Lock-Up Period, these shareholders will not, directly or indirectly, sell or agree to sell, or announce any intention to sell or agree to sell, any Shares or securities exchangeable or exercisable for Shares.
“The extension of the lock-up period demonstrates the commitment of these shareholders to the long-term potential of Coho’s business,” said Andrew Barnes, CEO of Coho. “Coho continues to grow and expand its dominance across Canada’s shared kitchen marketplace. The extension of the lock-up is a sign of the confidence these shareholders have in Coho’s ability to execute on the opportunities ahead.”
The Lock-Up is an extension of a voluntarily lock-up agreement executed by Coho’s leadership and a number of large shareholders in connection with its initial public offering on June 9, 2022 (the “IPO Lock-Up”). The IPO Lock-Up was agreed to by shareholders holding an aggregate of 56,709,764 Shares and originally expired on December 6, 2022.
Coho is a growth stage, community-driven, commercial real estate and food technology company that provides private and shared kitchen and production space to food companies from start-ups to restaurant groups seeking turnkey solutions and business services. Each of the Company’s customers, called “Members”, are revenue generating companies that have signed a membership agreement with Coho for an agreed upon term. The concept falls in line with a rapidly growing trend in the food-delivery industry creating a market for delivery-only and/or virtual restaurant concepts. For more information about how Coho is growing and innovating in the commissary space, visit https://www.cohocommissary.com.
Andrew Barnes, Chief Executive Officer
This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflect management's current expectations regarding future events. Forward‐looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward‐looking information. Such risks and uncertainties include, but are not limited to, the ability of the Company to execute on its strategy and the factors discussed under “Risk Factors” in the annual financial statements and MD&A of the Company. Coho disclaims any obligation to update these forward-looking statements.
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