It would be the founder/chairman Jerry Grisaffi, n
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Posted On: 10/28/2016 11:29:12 AM
It would be the founder/chairman Jerry Grisaffi, not the CEO Michael Welch, who would be relinquishing the dominant vote. Jerry would in no way be "out" of the picture, he would simply be turning over the controlling vote. He would be parting with his 1,000,000 series A preferred shares which is 100% of that class of preferred shares.
Jerry would still be in possession of over 100 mil common shares or about 17% of the outstanding common shares. He would obviously still be seriously motivated to work diligently with Lily Li and the rest of the board to move this brand up to the head of the pack.
I also agree that they wouldn't be disclosing the details of the deal as it's in progress. That will come following completion, which could be any day now.
Jerry would still be in possession of over 100 mil common shares or about 17% of the outstanding common shares. He would obviously still be seriously motivated to work diligently with Lily Li and the rest of the board to move this brand up to the head of the pack.
I also agree that they wouldn't be disclosing the details of the deal as it's in progress. That will come following completion, which could be any day now.
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