Corcel plc’s chairman will for four months receive shares in lieu of a monthly salary to reduce the company’s cash burn and ensure alignment with its shareholders.
The company agreed to James Parsons’ proposal that beginning in February he will receive his monthly salaries and certain obligations from 2021 in the form of 16,910,618 new ordinary shares of the company.
Corcel issued the shares on 31 January at the closing price on 30 January 2023 of £0.00265.
Following the agreement, Mr Parson’s holds 2.87% of the company’s capital.
On admission, Corcel’s issued ordinary share capital will comprise 805,647,007 ordinary shares with voting rights.