- DIRTT (DRT) has commented on activist investor 22NW Fund’s recent requisition and proxy fight
- On December 23, 2021, 22NW filed a preliminary proxy statement on Schedule 14A with the S.E.C.
- The company has flagged various inconsistencies with the statement regarding a board appointment, its governance and a tool demonstration for certain shareholders
- A special committee is currently reviewing the requisition and will engage in discussions with 22NW when appropriate
- DIRTT uses proprietary 3D software to design, manufacture and install fully customized interior environments
- DIRTT Environmental Solutions (DRT) is down by 4 per cent and is currently trading at $2.64 per share
DIRTT (DRT) has commented on activist investor 22NW Fund’s recent requisition and proxy fight.
On December 23, 2021, 22NW filed a preliminary proxy statement on Schedule 14A with the S.E.C. which contains assertions the company believes to be inaccurate or misleading. These assertions centre on concerns about DIRTT’s governance, unlawful attendees at a cost of ownership tool demonstration and a rejected board appointment.
The company is also taking issue with trading activity in DIRTT stock by 22NW, the aforementioned board appointee and certain employees during the past two years, which raises concerns about disclosure and reporting obligations under Canadian and U.S. securities laws. It has raised these issues with the Alberta Securities Commission and shared them with 22NW.
DIRTT ultimately believes the proxy statement does not reflect a clear vision or plan for the company.
A special committee is currently reviewing the requisition and will engage in discussions with 22NW when appropriate.
DIRTT uses proprietary 3D software to design, manufacture and install fully customized interior environments.
DIRTT Environmental Solutions (DRT) is down by 4 per cent and is currently trading at $2.64 per share as of 10:06 am EST.
