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Ascent Industries sets date for special meeting requested by group of shareholders

The company said it's preparing a management information circular that will contain a full response to statements made by the Malcolm Group of shareholders

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The company has scheduled its special and annual shareholder meetings for June 6

Ascent Industries Corp (CSE:ASNT) said Wednesday that it has scheduled for June 6 a special meeting requested by shareholders as well as its annual meeting.

The cannabis company said in a statement that holding both meetings at the same time will spare shareholders the additional costs of two separate meetings in succession. The British Colombia-based company said shareholders are not required to take any action at this time.

Vancouver-based Ascent added that it’s preparing a management information circular that will contain a full response to statements made by the Malcolm Group of shareholders. The circular, according to Ascent, will include a full history of actions taken by current and former members of management as well as by the group of shareholders.

READ: Ascent Industries says it's 'fully committed' to addressing Clark County's concerns over marijuana license

The company said it intends to file its circular well in advance of the June 6 meeting.

The investor Drew Malcolm said in a statement earlier this month that shareholders controlling 44.8% of the outstanding common shares are seeking the removal of three incumbent directors and the election of seven new independent directors who would constitute the entire board.

Ascent added Wednesday that it has made further submissions to Health Canada to address the suspension and proposed revocation of producer's and dealer's licenses issued to its Agrima Botanicals Corp subsidiary. Health Canada, according to Ascent, has acknowledged receipt of the submission, and the company said it’s awaiting Health Canada's response.

In addition, the company said a hearing with the Department of Business License in Clark County, Nevada, slated for February 28 has been moved to March 28. Ascent added that it intends to appear and supply information on why its license in Nevada should not be permanently suspended or revoked.

Shares of Ascent traded at C$0.12 in Wednesday’s Canadian trading.

Contact Dennis Fitzgerald at dennis@proactiveinvestors.com

Quick facts: Ascent Industries Corp.

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CSE:ASNT
Market: CSE
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