According to Share Cast's report on June 4th, the British e-cigarette manufacturer Chill Brands announced on Monday (June 3rd) that its stock has been suspended from trading, following the suspension of its CEO Callum Sommerton, who was found to be involved in the use of insider information.
The announcement includes the following information:
Chill Brands Group (London Stock Exchange symbol: CHLL) is a consumer goods packaging distribution company, providing the following update. Following the announcement made on December 23, 2019, the company is conducting an investigation into the following matters as of April 22, 2024: i) various commercial arrangements related to its operations that have been made; the company's e-cigarette business in the UK; and ii) allegations of insider trading. The company's board of directors is currently unable to provide an accurate update on its financial and trading status to the market.
Currently, the two investigations are still ongoing, and the company plans to provide more detailed updates regarding its transactions, operations, and strategic positioning once the investigations are completed.
As a result, at the request of our company, trading in our common stocks will be temporarily suspended on the main board. The London Stock Exchange from 7:30 this morning.
Further announcements will be made at an appropriate time.
The company primarily manufactures nicotine-free products under the brand "CHILLZER0." In April of this year, the company hired the law firm Fieldfisher to investigate allegations of using insider information against its CEO. Following these allegations, Samerton was dismissed from the position of CEO, and the board of directors is currently searching for interim leadership to take over.
On Friday, the company's stock closed at only 2.15 pence, which represents a 56% decrease since the beginning of 2024 and an 82% drop compared to the same time last year.
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