Press release
SNDL Provides Update on the Nova Cannabis Strategic Partnership
CALGARY, AB, June 1, 2023 /PRNewswire/ - SNDL Inc. (NASDAQ: SNDL) ("SNDL" or the "Company") is pleased to provide an update on its proposed Transaction (the
About this update from Sndl Inc.
[{"type":"text","content":"CALGARY, AB, June 1, 2023 /PRNewswire/ - SNDL Inc. (NASDAQ: SNDL) (\"SNDL\" or the \"Company\") is pleased to provide an update on its proposed Transaction (the \"Transaction\") with Nova Cannabis Inc. (TSX: NOVC) (\"Nova\") to create a well-capitalized cannabis retail platform in Canada, as contemplated by the implementation agreement entered into between the Company and Nova dated December 20, 2022, as amended on April 3, 2023 (the \"Implementation Agreement\"). The Company has amended the terms of the plan of arrangement (the \"Original Plan of Arrangement\"), and such amended form of the Original Plan of Arrangement being (the \"Amended Plan of Arrangement\") approved by the SNDL shareholders at its annual and special meeting of shareholders held on July 25, 2022, pursuant to which SNDL intends to distribute certain of its Nova common shares (\"Nova Shares\") to SNDL shareholders.\n\n \n \n \n \n \n \n\n \nUnder the terms of the Amended Plan of Arrangement, among other things, (i) SNDL shareholders who would have been entitled to receive at least one \"lot\" of Nova Shares from the Nova Shares being distributed (the \"Distributed Nova Shares\") had they been distributed to all SNDL shareholders on a pro rata basis (the \"Eligible Holders\") will receive Nova Shares with the new SNDL common shares to which they were entitled under the Original Plan of Arrangement (\"New SNDL Shares\"), and (ii) all SNDL shareholders other than the Eligible Holders will receive, together with their New SNDL Shares, cash in lieu of the fractional Nova Shares that they would have been entitled to receive had the Distributed Nova Shares been distributed to all SNDL shareholders on a pro rata basis. The number of Nova Shares that would be considered a \"lot\" will be determined by SNDL's Board of Directors (the \"SNDL Board\"), provided that a \"lot\" must be between one Nova Share and 500 Nova Shares. All other terms of the Amended Plan of Arrangement remain substantially similar to those of the Original Plan of Arrangement. It is currently anticipated that holders of New SNDL Shares that would otherwise receive 15 or fewer Distributed Nova Shares shall instead receive cash consideration.\nA Final Order (the \"Final Order\") of the Court of Kings Bench of Alberta (the \"Court\") approving the Amended Plan of Arrangement and transactions contempla...