On October 6, 2019, Cobalt 27 Capital Corp announced that, Institutional Shareholder Services Inc and Glass, Lewis & Co have both recommended the Company's shareholders vote for the plan of arrangement between the Company and Pala Investments Limited. The Company stated that under the arrangement, Pala would acquire 100% of the Company’s issued and outstanding common for C$4.00 in cash per common share plus one share of a newly listed company, Nickel 28 Capital Corp. (‘Nickel 28’), with an implied value of C$1.92, for a total of C$5.92 per common share. In addition, the Company’s special committee and Board of Directors reiterated the recommendation to vote for the arrangement at the annual general and special meeting of shareholders to be held on October 11, 2019.