| Ticker | Status | Jurisdiction | Filing Date | CP Start | CP End | CP Loss | Deadline |
|---|
| Ticker | Case Name | Status | CP Start | CP End | Deadline | Settlement Amt |
|---|
| Ticker | Name | Date | Analyst Firm | Up/Down | Target ($) | Rating Change | Rating Current |
|---|
MediPharm Labs Corp. (OTCQX:MEDIF) (TSX:LABS) (FSE:MLZ) announced that the shareholders of MediPharm have approved the plan of arrangement under section 192 of the Canada Business Corporations Act, pursuant to which MediPharm will acquire all of the issued and outstanding common shares of VIVO Cannabis Inc. (OTCQB:VVCIF) in an all-equity business combination transaction. Approximately 94.063% of the votes cast at the special meeting of shareholders held on March 21, 2023, were cast in favor of the resolution approving the issuance of the common shares of MediPharm as consideration under the arrangement.
In accordance with the terms of the arrangement agreement dated December 21, 2022 between VIVO and MediPharm, if the arrangement becomes effective, the shareholders of VIVO will receive between 0.2110 of a MediPharm share and 0.4267 of a MediPharm share for each VIVO share held. Upon the completion of the arrangement, existing shareholders are expected to own between 65% and 79% of the combined company resulting from the arrangement and shareholders of VIVO are expected to own between 35% and 21% of the combined company.
Completion of the arrangement is subject to court approvals, and the satisfaction or waiver of other customary closing conditions. The arrangement has been approved by VIVO shareholders at the special meeting of VIVO Shareholders held on March 21, 2023. No VIVO shareholders exercised dissent rights with respect to the arrangement. The Toronto Stock Exchange has conditionally approved the listing of the MediPharm shares to be issued in connection with the arrangement. It is currently expected that the effective date of the arrangement will occur on or about the completion of the first quarter of 2023.
The most successful cannabis business event in the world, the Benzinga Cannabis Capital Conference, returns to Miami for its 16th edition. This is the place where DEALS GET DONE, where money is raised, M&A starts, and companies meet investors and key partners. Join us at the Fontainebleau Miami Beach Hotel in Florida on April 11-12. Don’t miss out. Secure your tickets now. Prices will surge very soon.
Photo: Benzinga edit with photos by jarmoluk and lindsayfox on Pixabay
