Nova Cannabis Shareholders Approve SNDL Acquisition: What This Means For Investors
Nova Cannabis Inc.’s (TSX:NOVC) (OTC:NVACF) shareholders gave the green light to the proposed plan of arrangement involving Nova and SNDL Inc. (NASDAQ:SNDL), which will be completed in accordance with an agreement dated August 12 between the two companies.
Under the deal, SNDL will acquire all of the Nova Shares in exchange for, with respect to each Nova share, either $1.75 in cash or 0.58 of an SNDL share, subject to proration by the plan of arrangement contemplating the arrangement, the company said in a press release. The acquisition sum is roughly CA$40 million ($29.1 million).
Holders of a total of 53,807,109 Nova shares were present in person or represented by proxy at the shareholder’s meeting held on Wednesday, representing roughly 86.67% of the issued and outstanding Nova shares as of …