Ayurcann Holdings Corp. completed the acquisition of Joints and Hustle & Shake Inc. from Tetra Oils Inc. for CAD 3.6 million.
As on June 21, 2022, Ayurcann Holdings Corp. entered into a share purchase agreement to acquire Joints and Hustle & Shake Inc. for CAD 5.5 million. The consideration for the acquisition is comprised of CAD 5.5 million in common shares of Ayurcann on the basis of a deemed price of CAD 0.17 per Ayurcann share. The consideration shares are subject to a statutory hold period of four months and one day and, pursuant to the terms of the share purchase agreement, (i) shall be deposited into escrow and be released every six months in 25% allotments; and (ii) are subject to post-closing downward adjustments pursuant to the terms and conditions of the escrow agreement. As a condition of the acquisition, Tetra Oils Inc. entered into a support and voting agreement with respect to the consideration shares received by Tetra in connection with the acquisition. Pursuant to the voting agreement, the company will provide written notice to Tetra on how the consideration shares must be voted. The voting agreement will automatically terminate two years after the date of the closing of the acquisition. The acquisition is subject to customary conditions of closing and is expected to close in the coming weeks.
Ayurcann Holdings Corp. (CNSX:AYUR) completed the acquisition of Joints and Hustle & Shake Inc. from Tetra Oils Inc. CAD 3.6 million on September 7, 2022. In connection with closing the Acquisition, the Company has issued 32,352,941 common shares in the capital of the Company ("Common Shares") to Tetra.