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HEXO Corp. (TSX:HEXO) (NASDAQ:HEXO) received an interim order from the Ontario Superior Court of Justice advancing its arrangement agreement with Tilray Brands Inc. (NASDAQ: TLRY).
In this transaction, Tilray agreed to acquire all of HEXO's common shares through a court-approved plan of arrangement.
To proceed with the arrangement, a special meeting will be held on June 14, 2023, where HEXO shareholders will vote on approving the transaction under the Business Corporations Act (Ontario).
According to a press release, shareholders will receive the necessary materials and circulars via mail and online platforms such as SEDAR and EDGAR.
Completion of the arrangement is contingent on shareholder approval, final court approval (scheduled for June 19, 2023), and customary closing conditions.
Assuming all necessary approvals are obtained and conditions are met, the transaction is expected to be finalized by the end of June 2023.
Price Action: On Thursday afternoon, HEXO shares were priced at $1.4505 per share, representing a decrease of 3.30% in trading. As for TLRY shares, they were priced at $2.4801 per share, experiencing a decline of 9.81% in trading.
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