Business
Choom Holdings Inc. Completes Acquisition of Phivida Holdings Inc.
Choom Holdings Inc. Completes Acquisition of Phivida Holdings Inc..
About this update from Choom Hldgs Inc.
[{"type":"text","content":"\n\n\n\nChoom Holdings Inc. Completes Acquisition of Phivida Holdings Inc.\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nChoom Holdings Inc. Completes Acquisition of Phivida Holdings Inc.\nCanada NewsWire\nVANCOUVER, BC and SAN DIEGO, Calif., Sept. 16, 2020\n\n\n\nVANCOUVER, BC and SAN DIEGO, Calif., Sept. 16, 2020 /CNW/ - Choom Holdings Inc. (CSE: CHOO)(OTCQB: CHOOF) (\"Choom\") and Phivida Holdings Inc. (CSE: VIDA) (\"Phivida\") are pleased to announce the completion of the acquisition of Phivida by Choom, originally announced on June 3, 2020, pursuant to a court-approved plan of arrangement (the \"Plan of Arrangement\").  The Plan of Arrangement was implemented pursuant to the terms and conditions of an arrangement agreement dated June 2, 2020 between Choom and Phivida (as amended), and has resulted in the acquisition by Choom of all of the issued and outstanding shares of Phivida (the \"Phivida Shares\") in exchange for consideration of 0.72566 of a common share of Choom (each full share, a \"Choom Share\") for each Phivida Share (the \"Exchange Ratio\").  In connection with the Plan of Arrangement, Peter Simeon, a director of Phivida, joined the board of directors of Choom.\nIn connection with the closing, a total of 64,608,187 Choom Shares have been issued to the former holders of Phivida Shares, resulting in former Phivida shareholders holding approximately 28.6% of the total number of issued and outstanding Choom Shares (based on 225,753,870 Choom Shares issued and outstanding immediately after closing). In addition, the outstanding options to purchase Phivida Shares have been replaced with options to purchase Choom Shares on the same terms and conditions, other than necessary adjustments to take into account the Exchange Ratio, as set out in the Plan of Arrangement.\nIn order to obtain their Choom Shares, former registered shareholders of Phivida will be required to complete a letter of transmittal and submit it to Computershare Investor Services Inc. and otherwise follow the instructions contained in the letter of transmittal and described...