HyperScale Nexus Holding Corporation cancelled the acquisition of American Cannabis Company, Inc..
March 29, 2024
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HyperScale Nexus Holding Corporation entered into an Agreement and Plan of Merger to acquire American Cannabis Company, Inc. (OTCPK:AMMJ) on September 5, 2023. Each three hundred shares of AMMJ common stock will be exchanged for one share of HyperScale Nexus common stock based on an exchange ratio of 300 to 1. Pursuant to the terms of the Merger Agreement, AMMJ will be a wholly owned subsidiary of HyperScale Nexus. Transaction has been unanimously approved by the board of directors of both the companies and recommended the adoption of this Agreement by the stockholders. In case of certain circumstances, if the agreement is terminated then American Cannabis will pay $0.1 million to HYPERSCALE NEXUS HOLDING as a termination fee. Pacific Stock Transfer Company acted as transfer agent to American Cannabis. As per filling on September 27, 2023, both parties agreed to extend the time to complete the transaction for an additional sixty days until November 29, 2023. On November 30, 2023, the parties agreed to extend the time to complete the transaction for a period ending June 30, 2024.
HyperScale Nexus Holding Corporation cancelled the acquisition of American Cannabis Company, Inc. (OTCPK:AMMJ) on March 1, 2024.
American Cannabis Company, Inc. provides advisory and consulting services specific to cannabis industry, design industry-specific products and facilities, and manage a strategic group partnership, which offers both exclusive and non-exclusive customer products commonly used in the industry. The Company operates through four divisions, consulting and professional services; the sale of products and equipment commonly utilized in the cultivation, processing, transportation or retail sale of cannabis; and its licensed owner operator medical marijuana dispensaries and cultivation facilities located in Colorado Springs, Colorado under the trade name Naturaleaf. Its service offerings include cannabis business planning, cannabis business license applications, cultivation build-out oversight services, compliance audit services and cannabis business monitoring. Its product offerings include The Satchel, SoHum Living Soil, High Density Cultivation System and The Cultivation Cube.