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LONDON - Valereum Plc (AQSE:VLRM) has formalized changes to its board of directors with the appointment of Matthew Ripperger and Grant Gischen as Non-Executive Directors, effective immediately, according to a company press release issued Thursday.
Karl Moss and Pete Sekhon have stepped down from the board. Following these changes, the board now consists of James Formolli as Executive Chairman, Gary Cottle as Group CEO, and Non-Executive Directors Grant Gischen, Matthew Ripperger, and Simon Brickles.
The company also announced that five warrant and option holders have exercised rights to acquire a total of 17,675,000 ordinary shares at an exercise price of £0.001 per share. Among those exercising were James Formolli (5 million warrants), Karl Moss (4.175 million options and 1.5 million warrants), Daryl McFarlane (5 million options), and Peter Sekhon (1 million warrants). An unnamed employee also exercised 1 million options.
Valereum has issued new warrants to several individuals, including 2.5 million each to new board members Ripperger and Gischen, and 1.5 million each to Sekhon and Moss in their new roles outside the board. Additionally, 5 million warrants were issued to Illiquid Assets Solutions Limited for crypto advisory services.
The newly issued warrants are exercisable at £0.001 per share and expire after 10 years. Any shares acquired through these warrants will be subject to a 12-month lock-up period, with restrictions on 50% of the shares being removed after six months.
Following the warrant and option exercises, Valereum’s total number of ordinary shares in issue will be 216,209,716. The company expects the new shares to be admitted to trading on the AQSE Growth Market around July 10, 2025.
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