California's Lowell Farms Inc. LOWL LOWLF said on Friday that it has repurchased all of the $22,157,417 aggregate principal amount of outstanding senior secured convertible debentures of its subsidiary, Indus Holding Company, as well as related warrants to purchase 106,274,830 subordinate voting shares of the company and 43,248,450 common shares of Indus. Lowell Farms is a vertically integrated cannabis company.
The Details
Each holder received as the purchase price, therefore, such holder's pro rata share, based on the proportion of the outstanding debentures held by such holder, of:
- Membership interests in LF Brandco LLC, an entity formed to hold the company's intellectual property relating to its "Lowell Smokes" and "Lowell Herb Co." brands, including trademarks, logos and additional identifying marks, domain names and social media accounts; and
- 6,849,572 subordinate voting shares, representing approximately 36% of the company's consolidated, undiluted equity interests.
As of the closing of the offer, the voting agreement of the company, pursuant to which the former holders of the debentures were entitled to nominate three out of seven members of the company's board of directors and consent to the nomination of a fourth, and certain contractual operating covenants in favor of the former Debenture holders, has been terminated.
LOWLF Price Action
Lowell Farms' shares traded 1.8035% higher at $0.2456 per share at the market close on Thursday afternoon.
Related News
- Lowell Farms Announces Share Consolidation
- Volume VS. Price: Lowell Farms Inc.'s Q2 2023 Earnings Show Volume Down 37%, Prices Up By 44%
- Lowell Farms Q1 Insights: Operating Loss Improvement, CPG Revenue Plunge
Photo: Courtesy of geralt and Kindel Media by Pixabay
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
The Benzinga Cannabis Capital Conference is coming to Florida
The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.
Get your tickets now on bzcannabis.com – Prices will increase very soon!