VANCOUVER, BC, Jan. 3, 2023
/CNW/ - Coho Collective Kitchens Inc. ("Coho" or the
"Company") (TSXV: COHO), a commercial real estate and food
technology company that provides private and shared kitchen and
food production space to a variety of businesses, announced today
that shareholders holding an aggregate of 56,609,764 common
shares of Coho (the "Shares") have voluntarily executed an
extension to a lock-up agreement (the "Lock-Up") for their
Shares. 56,609,764 Shares will be subject to the restrictions
imposed by the Lock-Up until December 9,
2023 (the "Lock-up Period").
Subject to limited exceptions, the Lock-Up stipulates that,
during the Lock-Up Period, these shareholders will not, directly or
indirectly, sell or agree to sell, or announce any intention to
sell or agree to sell, any Shares or securities exchangeable or
exercisable for Shares.
"The extension of the lock-up period demonstrates the commitment
of these shareholders to the long-term potential of Coho's
business," said Andrew Barnes, CEO
of Coho. "Coho continues to grow and expand its dominance across
Canada's shared kitchen
marketplace. The extension of the lock-up is a sign of the
confidence these shareholders have in Coho's ability to execute on
the opportunities ahead."
The Lock-Up is an extension of a voluntarily lock-up agreement
executed by Coho's leadership and a number of large shareholders in
connection with its initial public offering on June 9, 2022 (the "IPO Lock-Up"). The IPO
Lock-Up was agreed to by shareholders holding an aggregate of
56,709,764 Shares and originally expired on December 6, 2022.
About Coho
Coho is a growth stage, community-driven, commercial real estate
and food technology company that provides private and shared
kitchen and production space to food companies from start-ups to
restaurant groups seeking turnkey solutions and business services.
Each of the Company's customers, called "Members", are revenue
generating companies that have signed a membership agreement with
Coho for an agreed upon term. The concept falls in line with a
rapidly growing trend in the food-delivery industry creating a
market for delivery-only and/or virtual restaurant concepts. For
more information about how Coho is growing and innovating in the
commissary space, visit https://www.cohocommissary.com.
Forward-Looking Information
This press release may contain forward-looking information
within the meaning of applicable securities legislation, which
reflect management's current expectations regarding future events.
Forward‐looking information is based on a number of assumptions and
is subject to a number of risks and uncertainties, many of which
are beyond the Company's control, which could cause actual results
and events to differ materially from those that are disclosed in or
implied by such forward‐looking information. Such risks and
uncertainties include, but are not limited to, the ability of the
Company to execute on its strategy and the factors discussed under
"Risk Factors" in the annual financial statements and MD&A of
the Company. Coho disclaims any obligation to update these
forward-looking statements.
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this
release.
SOURCE Coho Collective Kitchens Inc.