HEXO Shareholders Approve Note Transaction With Tilray Brands

At reconvened special meeting of shareholders of HEXO Corp HEXO HEXO, holders of common shares of HEXO approved the transaction with Tilray Brands, Inc. TLRY TLRY and HT Investments MA LLC (“HTI”). The meeting was originally held on June 14, 2022 and was adjourned prior to shareholders voting on the note transaction in order to provide shareholders with additional time to consider the previously announced amendments to the note transaction.

At the meeting, shareholders voted in favor of the ordinary resolution to approve certain aspects of the note transaction, which provides for the amendment to the terms of the outstanding senior secured convertible note originally issued by HEXO to HTI and the execution of an amended and restated note with HTI that will be immediately thereafter assigned to Tilray Brands pursuant to the terms of an assignment and assumption agreement. The note amendment resolution was approved by 87.246% of the votes cast by shareholders at the meeting. A total of 80.42 million common shares (approximately 17.55% of the issued and outstanding common shares) were represented at the meeting.

Shareholder approval is a condition to closing the note transaction. The company previously obtained, on May 13, 2022, conditional approval from the Toronto Stock Exchange for the note transaction and clearance from the Competition Bureau on July 4, 2022. Closing of the note transaction remains subject to the fulfillment of certain other conditions and is expected to occur in the third quarter of 2022.

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