- Green Rise Foods (GRF) has completed a short-form vertical amalgamation with its wholly-owned subsidiaries
- The subsidiaries are Bull Market Farms and Bull Market’s wholly-owned subsidiary 2801511 Ontario Inc. (280)
- Following the amalgamation, all of the issued and outstanding shares of Bull Market and 280 will be cancelled, and the assets, obligations and liabilities of Bull Market and 280 will be assumed by Green Rise
- The amalgamation will simplify the corporate structure and reduce administrative costs
- Green Rise is an expert grower in controlled-environment agriculture (CEA)
- Green Rise Foods (GRF) was unchanged at $0.55 per share
Green Rise Foods (GRF) has completed a short-form vertical amalgamation with its wholly-owned subsidiaries.
The subsidiaries are Bull Market Farms and Bull Market’s wholly-owned subsidiary 2801511 Ontario Inc. (280).
Following the amalgamation, all of the issued and outstanding shares of Bull Market and 280 will be cancelled, and the assets, obligations and liabilities of Bull Market and 280 will be assumed by Green Rise.
No securities of Green Rise will be issued in connection with the amalgamation, and the share capital of Green Rise will remain unchanged.
Bull Market is the main operating entity for the company within which virtually all Green Rise business operations are carried on.
280 is a shell corporation incorporated for a particular purpose that has no assets or liabilities and no operations.
The amalgamation will simplify the corporate structure and reduce administrative costs. It is also expected to permit the amalgamated company to be eligible for certain governmental programs offered to agricultural companies.
“The simplification of the corporate structure is expected to provide financial savings,” said Vincent Narang, the Chief Executive Officer of Green Rise.
Green Rise is an expert grower in controlled-environment agriculture with a cultivation capacity of 89 acres, generated by three greenhouse ranges located in Leamington and Kingsville, Ontario.
Green Rise Foods (GRF) was unchanged at $0.55 per share as of 12:50 pm ET.