Selina Management Reaffirms Its Confidence In Its Strategy and Highlights Alignment with Shareholders Through Equity Ownership in the Company
NEW YORK, April 09, 2024 (GLOBE NEWSWIRE) -- Selina Hospitality PLC ((", Selina", , NASDAQ:SLNA), a global lifestyle and experiential hospitality company catering to millennial and Gen Z travelers, announces that its management team reaffirms its confidence in its strategy as reflected in recent increased equity levels of members of its executive team. These investments underscore management's confidence in the company's vision and long-term prospects and are in alignment with its current shareholder base.
Led by CEO and co-founder Rafael Museri, Chief Growth Officer and co-founder Daniel Rudasevski, and recently promoted COO Gadi Hassin, the executive team has collectively demonstrated their dedication by making substantial investments into Selina. Most recently, the executive team converted approximately $500,000 of cash compensation into shares of common stock.
Co-Founders Museri and Rudasevski both have significant positions in Selina. As of April 8, together they have a deemed beneficial interest in approximately 29.2 million ordinary shares of the company, either directly or indirectly through their investment entities. This represents approximately 6.5% of the Company's share capital as of such date.1
"It is important for us to remind our financial community that we are fully aligned with our shareholders. We are as disappointed as they are in the recent stock decline. However, we do not believe it is based on the fundamentals of the business," stated Mr. Museri. "We continue to move forward with the execution of our strategy and our path to profitability, as we believe this will generate the most shareholder value."
The Company also clarifies that the recent Form 144 disclosures filed on behalf of certain executives reflect stock sales that were made via automatic sell-to-cover tax withholding transactions following the vesting of certain equity awards held by the executives. None of those management transactions were discretionary open market sales by the executives.
In addition, as another indication of aligned interests, several Selina executives have agreed to reduced levels of fixed cash compensation in exchange for equity compensation, demonstrating the leadership's dedication to creating value for shareholders over the long term.
Selina remains steadfast in its commitment to delivering value to its shareholders, customers, and stakeholders.
About Selina Hospitality PLC
Selina Hospitality PLC (NASDAQ:SLNA) is a global hospitality brand built to address the needs of millennial and Gen Z travelers, blending beautifully designed accommodation with coworking, recreation, wellness, and local experiences. Founded in 2014 and custom-built for today's nomadic traveler, Selina provides guests with a global infrastructure to seamlessly travel and work abroad. Each Selina property is designed in partnership with local artists, creators, and tastemakers, breathing new life into existing buildings in interesting locations in 24 countries on six continents – from urban cities to remote beaches and jungles. To learn more, visit Selina.com or follow Selina on X, Instagram, Facebook, Linkedin or YouTube.
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1The calculations of the combined beneficial ownership interest of Messrs. Museri and Rudasevski and the outstanding share capital represented by such interest take into account (i) ordinary shares held by Kibbutz Holding S.a.r.l. ("Kibbutz"), in which Messrs. Museri and Rudasevski together hold a controlling interest and for which they serve as directors, (ii) ordinary shares held by Dekel Development Holding, SARL, which is wholly owned by Kibbutz, (iii) warrants held by Kibbutz that are exercisable into ordinary shares of Selina, (iv) shares held by Mr. Museri and Mr. Rudasevski personally through the company's 2022 Omnibus Equity Incentive Plan, (v) vested, but undistributed restricted stock units, and vested, but unexercised options held by Mr. Museri and Mr. Rudasevski, and (vi) unvested restricted stock units held by Mr. Museri and Mr. Rudasevski that are due to vest within the following 60 days. The number of ordinary shares outstanding as of April 8, 2024, used as part of the calculations, is 442,170,291 ordinary shares.
