Planet 13 to Acquire Next Green Wave Holdings, Expanding Presence in California with Premium Indoor Cultivation and an Extensive, Pheno-Hunted Cultivar Base

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<![CDATA[LAS VEGAS, NV / ACCESSWIRE / December 20, 2021 / PRESS RELEASE / Planet 13 Holdings Inc. and Next Green Wave Holdings Inc. have announced that they have entered into a definitive arrangement agreement (the “Agreement”) pursuant to which Planet 13 will acquire all of the issued and outstanding common shares (the “NGW Shares”) of NGW, by way of a court approved plan of arrangement, for total consideration of approximately C$91 million (the “Transaction”).Proposed TransactionUnder the terms of the Agreement and based on pricing as of Dec. 17, 2021, shareholders of Next Green Wave (“NGW Shareholders”) will receive 0.1081 of a common share of Planet 13 (the “Exchange Ratio”) subject to calculations as described below, and $0.0001 in cash, for each NGW Share held. Based on Planet 13’s 10-day volume weighted average price (“VWAP”) and the Exchange Ratio as at Dec. 17, 2021, the implied deal price per NGW Share is C$0.465, representing a premium of approximately 52% to the closing price and 44% to the 10-day VWAP of NGW Shares on the Canadian Securities Exchange (the “CSE”) as of Dec. 17, 2021. The Exchange Ratio is subject to adjustment as follows:If the 10-day VWAP of Planet 13 common shares (the “Planet 13 Shares”) on the CSE immediately preceding the second business day prior to the closing of the Transaction (the “Planet 13 Closing Price”) is below C$5.50 but above C$4.06, then the Exchange Ratio will be calculated as C$0.4650 divided by the Planet 13 Closing Price;If the Planet 13 Closing Price is less than or equal to C$4.06, then the Exchange Ratio shall be 0.1145; andIf the Planet 13 Closing Price is greater than or equal to C$5.50, then the Exchange Ratio shall be 0.0845.After giving effect to the Transaction, and based on pricing as of Dec. 17, 2021,…

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Source : Planet 13 to Acquire Next Green Wave Holdings, Expanding Presence in California with Premium Indoor Cultivation and an Extensive, Pheno-Hunted Cultivar Base

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