![]() He would also be prohibited from transferring the Founder share to any other party, including family members. Lütke would be forced to relinquish the shares in the event he was no longer a Shopify executive, board member, or consultant. The proposed share structure would protect Shopify from unsolicited takeover bids. It's important to note that the CEO currently holds a 6.5% stake in the company. This new class of shares, when combined with the Class B shares owned by Lütke and his immediate family, would comprise 40% of the total voting power of Shopify shares and maintain it at the level in perpetuity. In an unusual move, Shopify will introduce a new class of shares, dubbed the Founder share, which will provide Lütke with a variable number of votes. The vote will take place at the company's upcoming annual and special meeting of shareholders, which will be held on Jun. ![]() Shopify plans to seek shareholder approval for the measure, which will result from amendments to its articles of incorporation, as part of a vast overhaul of its governance structure. In a regulatory filing that dropped Monday, the company said its board of directors had approved a 10-for-1 stock split.
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