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Investing.com -- SRx Health Solutions, Inc. (NYSE American:SRXH) stock surged 18.2% in pre-market trading after the global health and wellness company announced the cancellation of an additional 350,000 shares of its capital stock.
The latest cancellation brings the total number of shares canceled to over 19 million. The action was executed under a Settlement, Share Forfeiture and Mutual Release Agreement with certain founders and former officers of its Canadian subsidiary, SRx Health Solutions (Canada), Inc., and related parties.
According to the company, the agreement involves the forfeiture of approximately 19 million exchangeable shares that were originally issued as part of SRXH’s acquisition of SRx Canada. In exchange, the company has agreed to release these parties from specific claims.
SRx Health Solutions stated it intends to pursue legal remedies against former officers of SRx Canada who are not parties to the Settlement Agreement, aiming to recover any lost value for stockholders.
The significant pre-market stock movement reflects the market’s reaction to the substantial share cancellation, which effectively reduces the company’s outstanding share count.
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