Victoria, British Columbia–(Newsfile Corp. – April 8, 2022) – On April 8, 2022, Andrew Wilkinson and Tiny Capital Ltd. (“Tiny“) announced that Andrew Wilkinson filed an updated early warning report under applicable Canadian securities laws in respect of WeCommerce Holdings Ltd. (“WeCommerce” or the “Company“) to reflect the early termination of certain lock-up agreements pursuant to which Mr. Wilkinson’s affiliated entities: Tiny Holdings Ltd.; Wilkinson Ventures Ltd. and Tiny Capital Ltd. had agreed, in relation to 75% of their securities of WeCommerce, that they would not, directly or indirectly, sell, grant, secure, pledge, or otherwise transfer such Common Shares or securities convertible into Common Shares until December 9, 2023. WeCommerce shares closed at $9.14 per share on Friday April 8, 2022, 30.6% above the issue price of $7.00 per share at the time of the qualifying transaction.
The lock-up agreements were entered into at the time of the Company’s qualifying transaction and will be terminated at the request of Andrew Wilkinson. Tiny and Mr. Wilkinson have a long term view of WeCommerce and currently do not have any plans to dispose of any securities of the Company. The purpose of the early termination is to allow Tiny and Mr. Wilkinson’s affiliated entities to exercise more flexibility in managing their capital structure including, but not limited to, the ability to pledge the securities for certain lending facilities, enabling greater, quicker and wider investment by Mr. Wilkinson and his affiliated entities.
Since the qualifying transaction, Mr. Wilkinson and his affiliated entities have not disposed of any securities of WeCommerce. In the future, Mr. Wilkinson may acquire additional securities of WeCommerce, dispose of some or all of the existing or additional securities he holds or will hold, or may continue to hold his current position, depending on market conditions, reformulation of plans and/or other relevant factors..
The foregoing disclosure regarding is being disseminated pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting. Copies of the early warning reports with respect to the foregoing will appear on WeCommerce’s profile on the System for Electronic Document Analysis and Retrieval (“SEDAR”) at www.sedar.com and may also be obtained by contacting Ampere Chan, General Partner & CFO of Tiny at [email protected].
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