Better For You Wellness, Inc. cancelled the acquisition of Ironwood Clay Co Inc.
September 21, 2022
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Better For You Wellness, Inc. (OTCPK:BFYW) entered into a non-binding letter of intent to acquire Ironwood Clay Co Inc. for CAD 25.4 million on May 5, 2021. Under the terms of the LOI, the Company is expected to pay a total purchase price of approximately CAD 25,400,000, comprised of CAD 9,400,000 of Better For You Wellness, Inc. stock, and CAD 16,000,000in cash, of which CAD 8,000,000 is payable at closing and the remainder of which is due within 12 months of closing. Pursuant to the transaction, the consideration contemplated for the acquisition is to be paid in a mix of restricted common shares of Better For You to be issued following the closing of the acquisition and Canadian dollars. The transaction is subject to multiple closing conditions, completion of due diligence and pending a definitive agreement. Closing is expected to occur on June 30, 2022.
Better For You Wellness, Inc. (OTCPK:BFYW) cancelled the acquisition of Ironwood Clay Co Inc. on September 22, 2022.
Better For You Wellness, Inc. operates a dual buy-and-build model within the wellness industry. The Company, through its wholly owned subsidiary, builds and operates digitally native, mission-driven brands within the clean beauty sector, including Mango Moi. It evaluates the wellness industry in six goals-based categories: better health, better fitness, better nutrition, better appearance, better sleep, and better mindfulness. The Company is engaged in exploring and evaluating various business opportunities in the food, beverage, and consumer packaged goods (CPG) categories. The Company's subsidiaries include Glow Market LLC and Mango Moi, LLC. Glow Market LLC owns and operates Better Suds soap brand. Mango Moi, LLC offers a natural skincare and body care product line with naturally clean ingredients to soothe dry skin, eczema, psoriasis, and cracked skin. Its products are produced using various ingredients, including mango butter, baobab oil, kukui nut oil, and murumuru butter.
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