NetworkNewsBreaks – Flora Growth Corp. (NASDAQ:
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Posted On: 11/10/2022 4:40:48 PM
NetworkNewsBreaks – Flora Growth Corp. (NASDAQ: FLGC) Reports Majority of Franchise Global Health (TSX.V: FGH) Shareholders Approve Acquisition
Flora Growth (NASDAQ: FLGC), a leading all-outdoor cultivator and manufacturer of global cannabis products and brands, is one step closer to completing its previously announced acquisition of Franchise Global Health (TSX.V: FGH). FLGC announced that holders of more than 73% of the outstanding shares of FGH have agreed to vote their shares in favor of Flora’s acquisition of FGH; the voting will take place during FGH’s special meeting of shareholders, scheduled for Dec. 13, 2022. The completion of the acquisition remains subject to customary closing conditions, including approval of the plan of arrangement by the Supreme Court of British Columbia and the approval of at least 66 2/3% of the votes cast by shareholders of FGH at the meeting. According to the arrangement agreement signed by the two companies, Flora anticipates acquiring all issued and outstanding common shares of FGH by way of a statutory plan of arrangement, including the issuance of between 36,515,060 and 43,525,951 of its common shares. “We are pleased that FGH shareholders clearly recognize the value of this transaction, as well as the enormous potential of our companies joining forces,” said Flora Growth chairman and CEO Luis Merchan in the press release. “This acquisition is tremendously accretive and will solidify Flora’s foothold, not only in what we view as the most relevant emerging cannabis market, Germany, but in the EU more broadly.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
Flora Growth (NASDAQ: FLGC), a leading all-outdoor cultivator and manufacturer of global cannabis products and brands, is one step closer to completing its previously announced acquisition of Franchise Global Health (TSX.V: FGH). FLGC announced that holders of more than 73% of the outstanding shares of FGH have agreed to vote their shares in favor of Flora’s acquisition of FGH; the voting will take place during FGH’s special meeting of shareholders, scheduled for Dec. 13, 2022. The completion of the acquisition remains subject to customary closing conditions, including approval of the plan of arrangement by the Supreme Court of British Columbia and the approval of at least 66 2/3% of the votes cast by shareholders of FGH at the meeting. According to the arrangement agreement signed by the two companies, Flora anticipates acquiring all issued and outstanding common shares of FGH by way of a statutory plan of arrangement, including the issuance of between 36,515,060 and 43,525,951 of its common shares. “We are pleased that FGH shareholders clearly recognize the value of this transaction, as well as the enormous potential of our companies joining forces,” said Flora Growth chairman and CEO Luis Merchan in the press release. “This acquisition is tremendously accretive and will solidify Flora’s foothold, not only in what we view as the most relevant emerging cannabis market, Germany, but in the EU more broadly.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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