In news that will shock nobody who has been paying even the smallest sliver of attention, rock n’roll legend, KISS guitarist, and reality show nimrod Gene Simmons has stepped down from his position as Invictus MD Strategies’ (GENE.V) Chief Evangelist Officer, wishing the company whose stock he has probably finished selling off, a fond farewell.
Rock icon, and marketing and branding innovator Gene Simmons has abdicated his position as Invictus MD Strategies Corp.’s chief evangelist officer.
“It has been a pleasure to work with Gene. He has been a valuable asset to the company,” said Trevor Dixon, president and chief executive officer of Invictus. “Gene has pledged his ongoing support of the company, its leadership and its new direction.”
Jeez, Trevor, now might not be the best time to blow smoke up our asses about how this deal was great and everyone is stoked it happened and everyone is buds going forward.
Simmons, who has long been a loud and public detractor of the use of all drugs, weed included, had suddenly become a fan of Invictus when they doled out shares in return for his commitment to come to investor conferences and wave to people.
Mr. Simmons continues to be a shareholder in Invictus.
“I have enjoyed my time with Invictus,” said Mr. Simmons. “I remain a big fan!”
Really? Big fan, you say? In the time Gene Simmons was connected to the company, during which time he was earning company stock, it lost around 80% of its value. If he’s still a shareholder, he’s a terrible investor.
GENE sank from $1.60 when the deal was announced in March 2018 to just $0.33 before today’s news was announced.
The stock ran 10% on the news the deal was off, which tells you all you need to know about how successful the Gene experiment was in the eyes of investors.
Back 15 months ago, however, the mood in the boardroom was electric.
Invictus changed its TSX Venture symbol from IMH to GENE, effective immediately for trading commencing on March 20, 2018, to reflect the importance of the company’s new partnership with rock icon and branding genius Gene Simmons, anticipating that Simmons will play a vital role as the company marches into this historic year for Canada and cannabis.
Simmons had agreed with the company to a five year deal.
Gene Simmons is a significant shareholder in Invictus, he currently holds 2,631,141 common shares and will be assisting the Company in general public awareness of Invictus in the domestic and international cannabis space.
At $1.60 a share, that amounted to a $4.16 million deal. For that, Simmons agreed to, over 5 years, attend a minimum of 50 investor/industry presentations and spend three days per quarter in person on various investor presentations and updates.
There is no mention of why that deal ended 1/3 of the way in, what it cost the company to end it, and what connection the rockstar will supposedly keep with the company in the future a a ‘fan.’
Also not mentioned in the Invictus news release, whether the ticker symbol will change back to something less-KISSish, or if the company will move into weed genetics so it can keep GENE without embarrassment.
— Chris Parry
FULL DISCLOSURE: No commercial connection.