Urban-gro taps new COO from board

LAFAYETTE — Days after it closed out a $62.1 million initial public offering on the Nasdaq, urban-gro Inc. (Nasdaq: UGRO) hired board member James Dennedy as its president and chief operating officer.

In a filing with the U.S. Securities and Exchange Commission Tuesday, the Lafayette-based company said Dennedy will receive a base salary of $250,000 per year, a signing bonus of $60,000, the opportunity to earn up to 45% of his salary through annual incentive bonuses and up to 40,000 shares of company stock over the next several years.

Dennedy previously served as the board’s chairman for its auditing committee. From 2011 to 2017, he was president and CEO of hotel management software developer Agilsys Inc. (Nasdaq: AGYS).

Urban-gro successfully went from being traded on the over-the-counter markets to the Nasdaq Capital Market last week, both raising its maximum $54 million target from sales of new stock and an additional $8.1 million from the IPO’s underwriter from oversubscription sales of stock.

The company develops and engineers environmental controls for indoor agricultural operations, including cannabis growhouses.

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