Chris Lentz has taken legal action against a Delaware corporation, alleging that the company has unjustly extended a lock-up agreement, preventing him from selling his shares. On February 21, 2025, Chris Lentz filed a complaint in Harris County District Court against Greenwich LifeSciences, Inc., seeking declaratory relief and judgment.
The dispute dates back to when Lentz co-founded the company in August 2006 with Eric Rothe. Over time, the company shifted its focus towards developing a drug aimed at treating certain forms of breast cancer. By early 2020, the company rebranded as Greenwich LifeSciences and began preparing for an initial public offering (IPO). To stabilize the market post-IPO, an IPO Lock-Up Agreement was introduced to restrict certain stakeholders from selling their shares immediately. This agreement was supposed to last for 180 days but included provisions for gradual sales over several months thereafter.
Lentz claims that despite these terms, Greenwich LifeSciences has repeatedly extended the lock-up period beyond reasonable limits. Initially set to expire in June 2022, the lock-up was first extended to March 24, 2023, then December 31, 2023, and subsequently to December 31, 2024. The latest extension pushes it further to June 30, 2025. Lentz argues that this indefinite extension renders his shares effectively worthless due to ongoing dilution as new shares are issued by the company.
Lentz is seeking a court declaration that Greenwich LifeSciences does not have unlimited rights to extend the lock-up period indefinitely and requests that these extensions be deemed invalid. He also seeks assurance that no further extensions will occur without legitimate interest or necessity. Furthermore, he demands compensation for legal fees incurred due to this dispute.
Representing Lentz are attorneys Keith A. Clouse and Bruce Rothstein from Clouse Brown PLLC. The case is presided over by Judge Adiliani Solis under Case ID: 2025-12076 in Harris County's District Court.