SRx Health Solutions Inc., a prominent global health and wellness company, has announced the cancellation of approximately 18.8 million shares of its capital stock. This move is part of a Settlement, Share Forfeiture and Mutual Release Agreement with certain founders and former officers of its Canadian subsidiary, SRx Health Solutions (Canada), Inc. The forfeited shares, representing about 60% of the total shares previously outstanding, were originally issued during the company's acquisition of SRx Canada. In exchange for the forfeited shares, the company has agreed to release these parties from certain claims. Additionally, SRx Health Solutions Inc. intends to pursue legal remedies against other former officers of SRx Canada not covered by the agreement to recover any lost value for its stockholders.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.