iAnthus Announces Closing of Recapitalization Transaction, $25 Million Additional Financing and Other Corporate Updates

iAnthus Announces Closing of Recapitalization Transaction, Million Additional Financing and Other Corporate Updates
CANNANNEW REPORT

EW YORK and TORONTO, June 24, 2022 /PRNewswire/ – iAnthus Capital Holdings, Inc. (“iAnthus” or the “Company“) (CSE: IAN) (OTCPK: ITHUF), which owns, operates and partners with regulated cannabis operations across the United States, announces today that it has completed its previously announced recapitalization transaction (the “Recapitalization Transaction“) pursuant to the terms of a restructuring support agreement (the “Restructuring Support Agreement“), dated July 10, 2020 and as amended June 15, 2021, between the Company, all of the holders (the “Secured Lenders“) of the 13% senior secured convertible debentures (the “Secured Debentures“) issued by iAnthus Capital Management, LLC (“iAnthus SubCo“), and a majority of the holders (the “Consenting Unsecured Debentureholders“) of the 8% unsecured convertible debentures (the “Unsecured Debentures“) issued by the Company. The implementation of the Recapitalization Transaction resulted in various changes to the corporate governance and capital structure of the Company, as detailed below. The Recapitalization Transaction closed pursuant to the terms of the plan of arrangement, as amended and restated (the “Plan of Arrangement“), which was approved by the shareholders of the Company at a meeting of holders of the Company’s common shares (“Common Shares”), options and warrants, as well as by 100% of the holders of the Secured Debentures and 100% of the holders of the Unsecured Debentures, on September 14, 2020, and by the Supreme Court of British Columbia on October 5, 2020. All references to currency in this news release are in US dollars. Issuance of New Common Shares As of the closing of the Recapitalization Transaction, the Company issued in aggregate 6,072,579,705 Common Shares to the Secured Lenders and holders of the Unsecured Debentures.  Specifically, the Secured Lenders have been issued in aggregate 3,036,289,852 Common Shares (“Secured Lender Shares“) on a pro rata basis, which is equal to 48.625% of the total outstanding Common Shares, and the holders of Unsecured Debentures have been issued in aggregate 3,036,289,853 (“Unsecured…

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Source : iAnthus Announces Closing of Recapitalization Transaction, Million Additional Financing and Other Corporate Updates

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