MINILUXE ANNOUNCES OVERHEAD RESTRUCTURING AND THE ISSUANCE OF OPTIONS IN LIEU OF CASH AS PART OF REALIGNING LEADERSHIP COMPENSATION
Toronto, Ontario, Nov. 14, 2023 (GLOBE NEWSWIRE) — MiniLuxe Holding Corp. (the “Company”) (TSXV: MNLX), today announced that it has granted an aggregate 3,906,881 options at an exercise price of CDN $0.25 to certain leadership members and management officers of the Company as part of a restructuring of contractual terms of their employment and services provided to the Company and pursuant to the Company’s Omnibus Equity Incentive Compensation Plan (the “Plan”). As part of an overall voluntary incentive plan and the Company’s effort to conserve cash while aligning management to investor outcomes, leadership team members were offered the opportunity to be awarded equity options in lieu of cash compensation.
MiniLuxe recently undertook a material reconfiguration and restructuring of the company’s SG+A that results in a pro-forma reduction of total SG+A by more than 30 percent. This restructuring in combination with growing EBITDA of the base studio business puts the company in a stronger position for improved fixed cost leverage going into 2024. Given the level of management and overhead changes and reductions, on a pro-forma basis, approximately 2.5 million options have been brought back into the company’s award pool due to the expiration of previously issued options. Any incremental issuance of options awarded will come from the Company’s existing funded equity incentive pool resulting in no new net dilution to shareholders.
The strike price of the options was set at CDN $0.25, a greater than 35 percent premium to prior day closing of issuance. Options will be subject to a 1-year cliff vesting schedule (an effective deferment and retention incentive) and exercisable for subordinate voting shares of the Company for a period of 10 years following the date of grant.
About MiniLuxe
MiniLuxe, a Delaware corporation based in Boston, Massachusetts is a tech-enabled lifestyle brand and talent empowerment platform for the nail, waxing and esthetics industry. For over a decade, MiniLuxe has been setting industry standards for health, hygiene, high quality services and products, and fair labor practices in its efforts to transform its industry. Underlying MiniLuxe’s mission and purpose is to become one of the largest and accessible educators and employers of diverse self-care professionals across their omni-channel ecosystem and talent empowerment platform.
MiniLuxe derives its revenue streams from nail care, waxing and select esthetic services across an omni-channel ecosystem with company-owned studios and channel partnerships. The company also develops and sells its proprietary line of clean nail care and waxing products that are also used in MiniLuxe services. MiniLuxe is driven by a fully integrated digital platform that manages all client bookings, preferences, and payments and provides designers with the ability to manage scheduling and client preferences, track their performance and compensation, and access training content. Since its inception, MiniLuxe has performed over 3 million services. Learn more at miniluxe.com
For further information
Anthony Tjan
Executive Chairman and CEO, MiniLuxe Holding Corp.
atjan@miniluxe.com
www.miniluxe.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
