HUMBL Inc (HMBL)

[foxi]

What OMOLIVES said. Also, while it could be viewed that Foote is doing what he can to bolster shareholder value, it could alternatively be viewed as a lack of faith in his own company or his role within it, that he doesn't have a reason to keep inert shares for later.

Right now, the shares he's retiring are essentially worthless. They have a two year lock-up provision which prevents Foote from converting them at all until December 3, 2022. Then there's a selling limitation that would keep him from dumping them quickly if he did convert. So it seems like retiring the shares is mostly to create a PR event.

These shares have a lock-up provision that prevents the holders to convert into common stock for a period of one-year from the date of the merger of December 3, 2020,with the exception of those held by the CEO who has a two-year lock up provision. In addition, officers and directors that received these shares are subject to strict selling limitations, where the number of shares sold within the preceding three months cannot exceed the greater of: (a) 1% of the total outstanding common shares; and (b) the average weekly reported trading volume for the previous four weeks.

OTC Quarterly Report - HMBL 3-31-2022 page 47