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LONDON - Hydrogen Utopia International PLC (LSE:HUI), a developer of technology that converts non-recyclable waste plastics into hydrogen and other clean energy, announced Friday it has repriced share options for directors and employees following a strategic review.
The company’s Remuneration Committee has resolved to reprice existing share options and grant new ones after directors forewent the majority of their salaries over the past year to preserve cash resources.
According to the announcement, previously awarded share options had become "substantially out of the money" following a decline in the company’s share price despite operational progress.
The repricing adjusts exercise prices from 5.00p and 9.25p to 1.65p for directors Paul Formanko, Steve Medlicott, and James Nicholls-May. Additionally, new share options were granted to Howard White, Aleksandra Binkowska, Paul Formanko, and Steve Medlicott at an exercise price of 1.65p in lieu of unpaid salaries totaling £170,000.
The company also clarified that 2,307,692 shares were issued to Novum Securities Limited at 1.625p for advisory fees valued at £37,500.
HUI noted that its executive directors have personally demonstrated commitment to the company by jointly securing an option for TRL 9 InEnTec Technology using their own funds. CEO Aleksandra Binkowska reportedly took a loan against her own shares to assist the company during a period of financial strain.
The board stated it remains optimistic about opportunities in the Middle East, Africa, and Gulf Cooperation Council regions, where it sees emerging opportunities for hydrogen and circular-economy technologies.
The announcement was made via a regulatory filing that the company deemed to constitute inside information under the Market Abuse Regulation.
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