- Category: Finance
15 Dec 2009
- Published on Tuesday, 15 December 2009 12:49
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Helix Wind is a global renewable energy company engaged in the design, manufacture and sale of small wind vertical axis turbine.
Renewable energy company Helix Wind Corporation has undertaken a share lockup agreement with three of its largest shareholders, including its chief executive officer, involving over 19.6 million shares.
A lockup contract disallows involved individuals from selling any shares of stock within a period of time.
Without such lockup agreements, this restricted stock would be tradable on February 11, 2010, save for approximately 7.8 million shares subject to a separate management lockup expiring in August 2010. Helix Wind is quoted on the Over-the-Counter Bulletin Board.
The lockup agreements are subject to several conditions, including the successful completion of Helix Wind’s previously announced $5 million capital raising activity on or before February 10.
Provisions in two of the three lockup agreements allow the sale of about 105,000 shares for each 90-day period starting February 11, 2010 until February 10, 2011. Another 120,000 shares may be sold for each 90-day period starting February 11, 2011 until February 10, 2012.
In addition, the agreement with Helix’s chief executive is subject to a prior management lockup agreement that prevents the sale of any shares until August 10, 2010. In line with this, about 105,000 shares can be sold each 90-day period from August 11, 2010 to February 10, 2011, and 120,000 shares every 90 days from February 11, 2011 to February 10, 2012.
Helix Wind is a global renewable energy company engaged in the design, manufacture and sale of small wind vertical axis turbine designed to generate from 300 watts to 50 kilowatts of clean, renewable electricity.
- Katrice R. Jalbuena