AcuityAds Holdings Inc. (TSX:AT) (OTCQX:ACUIF) (“AcuityAds” or “Company”), a technology leader that provides targeted digital media solutions enabling advertisers to connect intelligently with audiences across all digital advertising channels, today announced that three of its co-founders (Tal Hayek, Chief Executive Officer; Joe Ontman, Chief Business Development Officer; and Rachel Kapcan, Vice President of Client Operations) (collectively, the “Co-Founders”) have adopted automatic securities disposition plans (each, an “ASDP”) in accordance with applicable Canadian provincial securities legislation.
Beginning on September 19, 2020, under each of the ASDPs, an independent broker engaged by each Co-Founder will sell, on behalf of such Co-Founder, up to 15,000 common shares of AcuityAds on the open market per month over a period of twelve months at prevailing market prices (subject to certain minimum price thresholds). The total shares under the ASDPs represent approximately 5% of each Co-Founder’s total current shareholdings in the Company.
In allowing the Co-Founders to enter into the ASDPs, the Company recognizes that it has benefited by the fact that it has been remunerating the Co-Founders on below-market terms, while the Co-Founders’ economic interests have been (and will continue to be) strongly aligned with other shareholders given the significant amount of their personal net worth that is invested in AcuityAds. The Company believes that it is appropriate to facilitate the sale of this small percentage of their holdings without subjecting the Co-Founders to lengthy restrictions on their ability to effect trades in AcuityAds shares because of trading blackouts imposed under the Company’s trading policy.
Generally, Canadian securities legislation permits an insider to adopt a written ASDP to sell shares through an independent broker in accordance with a pre-arranged set of instructions, regardless of any subsequent material non-public information the insider may receive. The Co-Founders will not exercise any further discretion or influence over how dispositions will occur under his or her ASDP and they are each subject to restrictions on their ability to modify, suspend or terminate participation in their ASDP.
Transactions under the ASDPs will be reported on the System for Electronic Disclosure by Insiders (SEDI) at www.sedi.ca in accordance with applicable Canadian securities laws.
AcuityAds is a leading technology company that provides marketers a powerful and holistic solution for digital advertising across all ad formats and screens to amplify reach and Share of Attention® throughout the customer journey. Via its unique, data-driven insights, real-time analytics and industry-leading activation platform based on proprietary Artificial Intelligence technology, AcuityAds leverages an integrated ecosystem of partners for data, inventory, brand safety and fraud prevention, offering unparalleled, trusted solutions that the most demanding marketers require to be successful in the digital era.
AcuityAds is headquartered in Toronto with offices throughout the U.S., Europe and Latin America. For more information, visit AcuityAds.com.
Disclaimer in regards to Forward-looking statements
Certain statements included herein constitute “forward-looking statements” within the meaning of applicable securities laws. These statements may relate to the Company’s future financial outlook, financial position, anticipated events, results, success of its work from home policies or the effect of the COVID-19 pandemic on the Company’s business and operations. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Also, given the evolving circumstances surrounding the COVID-19 pandemic, it is difficult to predict how significant the adverse impact of the pandemic will be on the global and domestic economy, the business, operations and financial position of the Company’s clients and the business, operations and financial position of the Company. Investors are cautioned not to put undue reliance on forward-looking statements. Many factors could cause the Company’s actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, the factors discussed in the “Risk Factors” section of the Company’s Annual Information Form dated March 5, 2020 for the fiscal year ended December 31, 2019 (the “AIF”) and the Company’s Management Discussion and Analysis for the three and six months ended June 30, 2020 dated August 13, 2020 (the “MD&A”). A copy of the AIF, MD&A and the Company’s other publicly filed documents can be accessed under the Company’s profile on the System for Electronic Document Analysis and Retrieval (“SEDAR”) at www.sedar.com. In addition, the effects of COVID-19, including the duration, spread and severity of the pandemic, create additional risks and uncertainties for the Company. In particular, the impact of the virus and government authorities’ and public health officials’ responses thereto may affect: the Company’s actual results, performance, prospects or opportunities; domestic and global credit and capital markets and its ability to access capital on favourable terms, or at all; and the health and safety of its employees. The Company cautions that the list of risk factors and uncertainties described in the AIF and the MD&A are not exhaustive and other factors could also adversely affect its results. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such information.
Except as required by law, AcuityAds does not intend, and undertakes no obligation, to update any forward-looking statement to reflect, in particular, new information or future events.
For further information, please contact:
Chief Executive Officer
AcuityAds Holdings Inc.
Virtus Advisory Group Inc.