Business
Sibannac to Acquire NOHO Brand Assets in Blockbuster Three-Way Deal
Sibannac to Acquire NOHO Brand Assets in Blockbuster Three-Way Deal.
About this update from Sibannac, Inc.
[{"type":"text","content":"Scottsdale, Arizona--(Newsfile Corp. - May 12, 2022) - Sibannac, Inc. (OTC Pink: SNNC), a Nevada corporation (the \"Company\"), announced the following:Sibannac, Inc. has agreed in principle to acquire all NOHO brand assets from NOHO, Inc. (OTC Pink: DRNK) in a blockbuster three-way transaction. This transaction will result in bringing all NOHO brands and products into Sibannac to be managed under the Company's Campus Co. branding arm, which has been assembling a best-in-class marketing and branding team over the last year.The TransactionNOHO, Inc. has entered into a Letter of Intent to acquire Smog Armor, Inc., a special purpose acquisition company created to facilitate the transfer of the Smog Armor assets from Delaware-based, Creative Carbon Solutions, Inc. NOHO will acquire Smog Armor with convertible preferred shares which will not result in any immediate dilution of the common stock. Sibannac will then acquire the NOHO assets by following through ahead of schedule on its announced acquisition plan from, using warrants which will then be issued to NOHO for distribution to shareholders of record on July 29, 2022. The valuation of the acquisition is now being determined and will be announced to the public once the definitive agreements are in place. Sibannac intends on registering the warrants so that the NOHO shareholders will be able to convert them to free-trading shares. Sibannac will price the warrants at a discount to market at the time of distribution, to the benefit of NOHO shareholders. Any shareholder exercising the warrants will have to pay Sibannac the cash value of the warrants, which will be booked as income to the Company.All three parts of the transaction are envisioned to close within a 24-hour period, anticipated to be within the next 30 days. Sibannac and the incoming management at NOHO will be discussing an ongoing relationship for some revenue sharing for NOHO's After Shot. Specific terms will be disclosed when the definitive agreements are executed. Currently both companies are operated under the same management, with David Mersky serving as CEO of both firms. Management believes that the allocation of assets in the transactions will result in both companies becoming stronger after the transaction closes. In addition to NOHO's flagship Hangover product, the After Shot, Sibannac will be acquiring the R...