Pallas Air, formerly known as Live Air, is well-known for its face masks. During a recent general meeting, the company decided not to grant discharge from liability to all persons who served on the board of directors and in management positions during the last financial year. The former CEO, Vesa Mäkipää, as well as former board members Eppu Mäkipää and Sami Rahnasto, will not be released from liability.
The main owner of Pallas Air, Michael Renton, directly owns the majority of the company’s share capital through Rentto Oy. During the meeting, Renton addressed the issue and announced a reverse split for Pallas Air’s shares. This means that the number of shares in the company will be reduced to 10% of their current value. The reverse share split will consolidate 100 current shares into one new share. Shareholders who do not have a number of shares divisible by 100 will receive additional shares free of charge before the split to ensure that it can be effectively carried out.
