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Ascent Industries says it’s committed to ‘constructive dialogue’ with shareholders

The company confirms receiving request for general meeting regarding the board's makeup
A board table
The cannabis company says it’s focused on the highest standards of corporate governance

Ascent Industries Corp (CSE:ASNT) said Monday the company is “committed to constructive dialogue and engagement” after receiving a request from investor Drew Malcolm to hold a shareholder meeting regarding the makeup of its board.

The cannabis company said in a statement that it’s focused on the highest standards of corporate governance and making decisions for the benefit of all shareholders.

READ: Ascent Industries has until February 20 to make additional submissions to Health Canada

Malcolm said in a statement over the weekend 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's current management and board of directors are committed to constructive dialogue and engagement with both the Malcolm Group as well as independent shareholders,” Ascent said.

The company declined to provide further comment.

Last week, Ascent said Health Canada had advised the company that the agency still intends to revoke a subsidiary’s licenses and has given Ascent until February 20 to make any additional submissions.

Shares of Ascent slipped C$0.01 to C$0.14 in Monday’s Canadian trading.

Contact Dennis Fitzgerald at [email protected]

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