- BevCanna Enterprises Inc. (BEV) closes its acquisition to take Embark Health Inc. for $24.7 million
- BevCanna develops and manufactures a range of alkaline, plant-based, and cannabinoid beverages and supplements
- BevCanna acquired all the issued and outstanding Embark Securities by way of a three-cornered amalgamation
- BevCanna issued Embark shareholders an aggregate of 54,926,021 of its common shares
- Also issued were preferred shares of BevCanna to each Embark shareholder entitling the holders to receive earn-out payments of up to $9,199,442
- BevCanna Enterprises Inc. (BEV) is up 2.78 per cent and is trading at $0.185 per share as of 10:52 a.m. EST
BevCanna Enterprises Inc. (BEV) closes its acquisition to take Embark Health Inc. for $24.7 million.
BevCanna develops and manufactures a range of alkaline, plant-based, and cannabinoid beverages and supplements.
BevCanna acquired all the issued and outstanding Embark Securities by way of a three-cornered amalgamation.
Due to this Subco, a subsidiary of BevCanna, and Embark amalgamated to form one corporation.
BevCanna issued Embark shareholders an aggregate of 54,926,021 of its common shares.
The purchase price is subject to a final working capital adjustment to be determined within 90 days of closing.
The consideration shares are subject to voluntary resale restrictions.
Preferred shares of BevCanna were issued to Embark shareholders entitling them to receive earn-out payments of up to $9,199,442.
This is contingent upon Embark achieving up to $92,178,280 EBITDA over the next three financial years.
Each warrant of Embark was cancelled and holders received several warrants to purchase one BevCanna share.
Each replacement warrant entitles the holder to acquire a BevCanna share for $1.47 per share for two years.
All the securities issued in the Transaction were issued pursuant to an exemption from applicable securities laws. No finder’s fee was paid in connection with the Transaction. There has been no change in management of BevCanna on closing.
BevCanna Enterprises Inc. (BEV) is up 2.78 per cent and is trading at $0.185 per share as of 10:52 a.m. EST.