Fire & Flower Holdings Corp. completed a virtual auction in respect of the company held by FTI Consulting Canada Inc., in its capacity as court-appointed monitor of the company and its Canadian subsidiaries (collectively, the "F&F Group"). The auction was held on August 15, 2023, in accordance with the company's court-approved sale and investment solicitation process conducted by the monitor. The company announced 2759054 Ontario Inc., operating as FIKA Cannabis, as the successful bidder in the auction.
Following the selection of FIKA as the successful bidder, the company and FIKA entered into a subscription agreement dated August 17, 2023. The subscription agreement contemplates a closing date of September 8, 2023, subject to receipt of approval from the Ontario Superior Court of Justice (Commercial List) under the Companies' Creditors Arrangement Act and certain other regulatory approvals. The company intends to appear before the court as soon as possible to seek an order approving the transactions contemplated by the subscription agreement.
John Chou has resigned as CFO of the company and John Rim has been appointed interim CFO.
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