Mimi’s Rock Corp. Shareholders Approve Acquisition by FitLife Brands

About this update from Fitlife Brands, Inc.

[{"type":"text","content":"Transformative acquisition will double the size of FitLife with minimal leverage and no dilution to shareholders\nOMAHA, NE, Feb. 16, 2023 (GLOBE NEWSWIRE) -- FitLife Brands, Inc. (“FitLife” or the “Company”) (OTCPK: FTLF), a provider of innovative and proprietary nutritional supplements for health-conscious consumers, announced that shareholders of Mimi’s Rock Corp. (“Mimi’s Rock” or “MRC”) (TSXV: MIMI, OTCQB: MIMNF) overwhelmingly approved the proposed acquisition of MRC by an affiliate of FitLife at the special meeting of shareholders held earlier today (the “Special Meeting”). The acquisition is being effected through a plan of arrangement (the “Arrangement”) under the Business Corporations Act (Ontario). At the Special Meeting, the special resolution authorizing the Arrangement was approved by: (i) approximately 99.9% of the Shareholders present in person or represented by proxy; and (ii) approximately 99.9% of the minority Shareholders, which excluded the votes of MRC CEO David Kohler, present in person or represented by proxy as determined in accordance with Multilateral Instrument 61-101 – Protection of Minority Shareholders in Special Transactions. The Shareholders who participated in the vote represented approximately 43.1% and 27.4%, respectively, of all issued and outstanding common shares of MRC entitled to vote on the special resolution authorizing the Arrangement. Assuming that all approvals are obtained and all conditions precedent are satisfied or waived, FitLife anticipates that closing of the Arrangement will occur on February 28, 2023. Completion of the Arrangement remains subject to, among other things, satisfaction of all conditions precedent to closing the Arrangement, including the final approval of the Ontario Superior Court of Justice (Commercial List). The hearing for the final order of the Ontario Superior Court of Justice (Commercial List) to approve the Arrangement is scheduled to take place on February 22, 2023. About FitLife BrandsFitLife Brands is a developer and marketer of innovative and proprietary nutritional supplements for health-conscious consumers. FitLife markets over 130 different dietary supplements to promote sports nutrition, improved performance, weight loss and general health primarily through domestic and international GNC franchise locations as well as through more than 17,000 ad...

More updates from Fitlife Brands, Inc.