Valens Obtains Final Court Order Approving Merger With SNDL

The Valens Company Inc. VLNS VLNS, announced that the Ontario Superior Court of Justice (Commercial List) has granted a final order approving the previously announced plan of arrangement with SNDL Inc. SNDL under Section 192 of the Canada Business Corporations Act in accordance with the terms of the arrangement agreement between Valens and SNDL dated August 22, 2022.

Under the terms of the arrangement, Valens' shareholders will receive, for each common share of Valens, 0.3334 of a common share of SNDL. Based on the closing price of the SNDL shares on the Nasdaq Capital Market as at August 19, 2022, the consideration represents an implied value of CA$1.26 per Valens Share, for total consideration of approximately CA$138 million ($101.83 million).

Completion of the arrangement remains subject to certain other customary closing conditions as further described in the arrangement agreement, and, subject to the satisfaction or waiver of such closing conditions, the arrangement is expected to be completed during January 2023.

Get your daily dose of cannabis news on Benzinga Cannabis. Don’t miss out on any important developments in the industry.

Photo: Benzinga edit with photos by jarmoluk and lindsayfox on Pixabay

Related News

Will Valens Remain On Nasdaq? It Has 180 Days to Regain Compliance With Minimum Bid Price Rule On This Stock Exchange

Valens Shareholders Approve The Arrangement With SNDL

Why Is SNDL Trading Higher Today?


Market News and Data brought to you by Benzinga APIs
Posted In: CannabisM&ANewsPenny StocksSmall CapMarketspremium
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!

Cannabis rescheduling seems to be right around the corner

Want to understand what this means for the future of the industry? Hear directly for top executives, investors and policymakers at the 19th Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9. Get your tickets now before prices surge by following this link.