Sundial Extends Alcanna Arrangement Agreement Outside Date

Loading...
Loading...

Alcanna Inc. CLIQ LQSIF reached mutual agreement with Sundial Growers Inc. SNDL, to extend the outside date for closing the transaction contemplated under the arrangement agreement between Sundial and Alcanna dated October 7, 2021, and amended on January 6, 2022, to March 30, 2022 in accordance with terms of the arrangement agreement.

Completion of the arrangement remains subject to certain other customary closing conditions as further described in the agreement, including the receipt of certain regulatory approvals required under applicable provincial liquor and cannabis legislation. The parties expect that the arrangement will close on or before March 30, 2022.

Under the deal, Sundial has agreed to acquire all of the issued and outstanding common shares in the capital of Alcanna from the holders of Alcanna shares. Following completion of the arrangement, each Alcanna shareholder will be entitled to receive, in exchange for each Alcanna share held 8.85 common shares in the capital of Sundial, and $1.50 in cash. Following the completion of the arrangement, the Alcanna shares are expected to be delisted from the Toronto Stock Exchange.

Following completion of the Arrangement, each Alcanna Shareholder will cease to be an Alcanna shareholder and to have any rights in respect of their Alcanna Shares other than to receive the revised consideration payable to such Alcanna shareholder pursuant to the plan of arrangement.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: CannabisNewsPenny StocksSmall CapMarketsOdyssey Trust CompanySEDARToronto Stock Exchange
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

The Top Cannabis Event In New Jersey

Join the Benzinga Cannabis Market Spotlight in New Jersey on June 17th! Grow your business, raise money and capitalize on the booming NJ recreational market. Don’t miss this must-attend event in New Brunswick. Secure your tickets now. Very few spots are left. Use the code "JAVIER20" for 20% off!


Loading...