- High Fusion (FUZN) has signed an amended and restated arrangement agreement with Neural Therapeutics
- The agreement restates the original agreement the parties entered into on November 3, 2022
- High Fusion will distribute 4.7 million common shares in the capital of Neural to High Fusion shareholders
- High Fusion also intends to change its name to Vertical Peak Holdings
- Shares of High Fusion remain unchanged at C$0.015 as of 11:48 a.m. EST on Tuesday
High Fusion (FUZN) has signed an amended and restated arrangement agreement with its subsidiary Neural Therapeutics.
Under the terms of the agreement, High Fusion will distribute over 4.7 million common shares in the capital of Neural to High Fusion shareholders. According to the statement, this represents roughly 12 per cent of Neural shares.
“We are pleased to report on the progress towards completing the spin-out of Neural Therapeutics. As the transaction is subject to shareholder approval we have decided to include several other matters into the upcoming shareholders’ meeting of High Fusion shareholders,” John Durfy, CEO of High Fusion, said in a release. “As we continue towards completing the transaction, Neural has achieved a number of key business milestones and we look forward to finalizing the spin-out transaction which would give High Fusion shareholders an opportunity to directly participate in the upside of Neural through ownership of Neural shares.”
The transaction is subject to a number of key conditions, including shareholder approval, court approval of the transaction, and other customary conditions as stated in the agreement
Agreement summary
Other highlights of the agreement include:
- High Fusion changing its name to Vertical Peak Holdings or another name it may decide on
- High Fusion will continue from the Canadian Business Corporations Act to the British Columbia Business Corporations Act (BCBCA) before the agreement is effective
- The plan of arrangement will take place under the provisions of the BCBCA where shareholders will receive an aggregate 4.7 million Neural shares through a share exchange mechanism
Formerly Nutritional High Interational Inc., High Fusion is focused on developing and manufacturing branded products in the cannabis industry. It is focused on flower, pre-rolls, vapes, edibles and oil extracts for both medical and adult recreational use.
Shares of High Fusion (FUZN) remain unchanged at $0.015 as of 11:48 a.m. EST.