PyroGenesis Canada boss to sell small portion of company shares via automatic securities disposition plan

PyroGenesis Canada Inc. (TSE:PYR) (NASDAQ:PYR) (FRA:8PY) CEO P Peter Pascali is set to sell up to 765,000 company shares, which are held by Fiducie de Crédit Mellon Trust under an automatic securities disposition plan (ASDP). 

The ASDP will allow for an ‘orderly disposition’ of a small portion of shares held or controlled by Pascali at prevailing market prices during the period from July 15 to August 6, 2021, the high-tech group said in a statement.

READ: PyroGenesis Canada to launch e-commerce website offering charitable swag and accessories

Prior to any sales, as of July 15 this year, his aggregate total ownership was around 81.2 million shares or 48.44%.

Assuming the completion of the proposed disposal, 765,000 shares, representing 0.46% of the shares, will be sold by the Trust, resulting in his total ownership dropping to around 80.4 million shares, representing 48.2% of the issued and outstanding shares.

In addition, Pascali beneficially owns and controls options under the company’s option plan to acquire 6.85 million shares, of which 5.975 million are currently vested and 325,000 will vest on July 16, 2021, 325,000 will vest on July 16, 2022 and 325,000 will vest on July 16, 2023.

Assuming the exercise of all his vested options, his total ownership would increase to 87,131,998 shares (or 86,366,998 shares assuming the completion of the disposal), or 50.18% (or 49.96%) of shares.

Montreal-based PyroGenesis is a high-tech company that designs, develops, manufactures, and commercializes plasma atomized metal powders, environmentally-friendly plasma waste-to-energy systems, and clean plasma torch products.

In July, the company announced the launch of its e-commerce website, offering a selection of high-quality charitable swag and accessories.

The company said the profits will be donated to charities for children in need.

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Story by ProactiveInvestors