Business
Eddy Solutions Signs Definitive Agreement to Acquire Reed Water
Eddy Solutions Signs Definitive Agreement to Acquire Reed Water Canada NewsWire...
About this update from Eddy Smart Home Solutions Ltd.
[{"type":"text","content":"\n \n \n \n Eddy Solutions Signs Definitive Agreement to Acquire Reed Water\n \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.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n Acquisition Further Strengthens its Position as\n \n North America's\n \n Leading Water Management Company\n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n March 25, 2022\n \n \n /CNW/ - Eddy Smart Home Solutions Ltd. (\"\n \n Eddy\n \n \") (TSXV: EDY) is pleased to announce it entered into a definitive agreement on\n \n March 24, 2022\n \n (the \"\n \n Agreement\n \n \") for the acquisition (the \"\n \n Transaction\n \n \") of all of the issued and outstanding common shares of Reed Controls Inc. (dba\n \n Reed Water\n \n ) (\"\n \n Reed\n \n \"). Closing of the transaction remains subject to approval by the TSX Venture Exchange (the \"\n \n TSXV\n \n \") and other customary closing conditions.\n \n \n Pursuant to the Agreement, the total purchase price for the Transaction will be\n \n C$7,359,600\n \n . The total consideration (the \"Share Consideration\") will be paid in common shares of Eddy at a per share price of\n \n $0.60\n \n per share with an estimated 12,266,000 shares being issued. The Share Consideration will be subject to a twenty-four (24) month lock-up period, provided that the Share Consideration will be released from the lock-up requirements on the first business day following each of the four, six, nine, twelve, fifteen, eighteen and twenty-one month anniversaries of the closing date, and such other terms, as may be imposed by the TSXV. The Share Consideration will also be subject to a statutory four month hold period.\n \n \n Upon closing of the Transaction, Reed's founders\n \n Avi Yurman\n \n and\n \n Adam Bartman\n \n will join Eddy's leadership team, and Chief Marketing Officer Avishai Moscovich will join the Sales and Marketing team in a senior role as VP of Business Development. Reed has also been granted a right to nominate a director to serve on Eddy's board of directors (the \"\n \n Board\n \n \"), and\n \n Avi Yurman\n \...