Next Inc. has announced that its significant stockholders (representing approximately 63% of total shares of common stock outstanding as of July 22, 2003) have entered into lock-up agreements with each other and the Company restricting their ability to sell or transfer their shares of common stock.
The lock-up agreements provide that the shares owned by these stockholders are subject to a lock-up through May 1, 2004 with four automatic six-month extensions through May 1, 2006. The lock-up agreements may be terminated or amended by a vote of the majority shares subject to the lock up, with thirty days notice, no earlier than May 1, 2004 and every six months thereafter.
Mr. Dan Cooke, Chairman of the Board and CEO, stated, “The lock-up agreements are the latest in a series of planned strategic moves that continues to demonstrate that the Company’s management shareholders are committed to long-range plans to build shareholder value.”
