Regencell Bioscience Holdings Limited disclosed a fifth extension of a lock-up undertaking, extending restrictions on the sale of options and related shares held by an optionee for an additional twelve months until April 20, 2027, while allowing the optionee to transfer up to a specified percentage of vested options during this period.
Key takeaways
The company entered into a Fifth Extension of Lock-Up Undertaking, extending previous lock-up restrictions for twelve months until April 20, 2027.
The extension applies to options granted under an agreement dated June 9, 2021, and shares issued upon exercise of those options.
During the extension term, the optionee is permitted to transfer up to a specified percentage of options that were vested as of the agreement date.
The agreement is governed by New York law.
The document was executed by the optionee and acknowledged by Regencell Bioscience Holdings Limited, with Yat-Gai Au signing as Chief Executive Officer.