Mr. Hadi Abassi reports
ATLAS ENGINEERED PRODUCTS CEO TERMINATES AUTOMATIC SECURITIES DISPOSITION PLAN
Atlas Engineered Products Ltd.'s president and chief executive officer, Hadi Abassi, has terminated the automatic securities disposition plan previously announced in the company's press release dated May 31, 2022.
The ASDP was established by Mr. Abassi for personal and family financial planning purposes. Rather than continuing to sell shares through the ASDP, Mr. Abassi decided to complete a block trade of 1.5 million shares at a price of 47 cents per share. Having completed the sale of a sufficient number of shares to meet the purpose of the ASDP, Mr. Abassi and the company have agreed to terminate the ASDP in accordance with the terms of the company's insider trading policy. Mr. Abassi was not in possession of material non-public information at the time the block trade was completed or at the time the effecting securities broker was provided with notice to terminate the ASDP. In accordance with its provisions, termination of the ASDP will become effective 30 days following the date of this news release. Until such time, shares will continue to be sold under the ASDP in accordance with its terms.
Mr. Abassi continues to hold a significant equity interest in the company following the block trade and the sales previously made under the ASDP.
About Atlas Engineered Products Ltd.
Atlas Engineered is a growth company that is acquiring and operating profitable, well-established operations in Canada's truss and engineered product industry. It has a well-defined and disciplined acquisition and operating growth strategy, enabling it to scale aggressively and apply new technologies, giving it a unique opportunity to consolidate a fragmented industry of independent operators.
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