Akanda Corp. Announces Closing of Share Exchange with First Towers and Fiber Corp.

About this update from Akanda Corp.

[{"type":"text","content":"First Towers develops, constructs and owns telecommunications infrastructure in Mexico","length":86,"tagName":"p","attribs":{}},{"type":"text","content":"Akanda Reaffirms its Continued Focus on the Growth of its Pre-Revenue Canadian Farming Property in British Columbia, at which the Company Plans to Develop THC and CBD Facilities","length":177,"tagName":"p","attribs":{}},{"type":"text","content":"Toronto, Ontario--(Newsfile Corp. - August 22, 2025) - Akanda Corp. (NASDAQ: AKAN) ("Akanda" or the "Company") today announced that it consummated the transactions pursuant to the Share Exchange Agreement, dated March 5, 2025 and as amended to date, with First Towers & Fiber Corp., pursuant to which all of the common shares of First Towers have been acquired by Akanda and in exchange, Akanda will issue to all but one of the former First Towers shareholders a combination of its convertible Class A Special Shares and convertible Class B Special Shares, as, if and when Akanda receives post-closing shareholder approval to issue the Class A Special Shares and Class B Special Shares. In addition, Akanda is issuing a 24-month promissory note to one former First Towers shareholder equal to the value of its First Towers shares acquired by Akanda, and is assuming the existing indebtedness and other liabilities of First Towers.","length":964,"tagName":"p"},{"type":"text","content":"As a result of the closing, which was effective on August 21, 2025, First Towers became a wholly owned subsidiary of the Company (the "Transaction").","length":159,"tagName":"p"},{"type":"text","content":"Akanda did not issue any of its common shares as of the closing of the Transaction, as originally contemplated by the Share Exchange Agreement. The Class A Special Shares expected to be issued to the former First Towers shareholders, which would be convertible into no more than 19.9% of Akanda's common shares issued and outstanding at closing, may only be issued after it receives requisite shareholder approval, which is being sought at its upcoming August 29, 2025 Special Meeting of Shareholders. Akanda intends to hold a second special meeting of shareholders to seek approval for the issuance of the Class B Special Shares as part of the Transaction, which are expected to be convertible into the remaining common shares oth...

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