Fire & Flower Holdings Corp. (OTCQX:FFLWF) (TSX:FAF) announced that 2707031 Ontario Inc., an indirect wholly-owned subsidiary of Alimentation Couche-Tard Inc. (OTC:ANCTF), has confirmed its intention to exercise warrants to acquire 8.29 million common shares of Fire & Flower. The intent is pursuant to the terms of a second amended and restated warrant certificate dated January 18, 2022 on the day that is two days following the release of the company's financial statements for the year ended January 29, 2022.
The exercise price for the series B warrants will be determined based on the 20-day volume-weighted average price for common shares of the company in accordance with the terms of the series B warrant certificate. Pursuant to the terms of the series B warrant certificate, all of the series B warrants are subject to a maximum exercise price of $18.75, and 1.57 million of the series B warrants, which were issued pursuant to the exercise of top-up rights previously granted to ACT, are subject to a minimum exercise price of $4.7732.
Following the exercise of the series B warrants, ACT's ownership of common shares of Fire & Flower will increase by approximately 14.49% to approximately 35.32%.
The company will release its financial and operational results for the quarter and fiscal year ended January 29, 2022 before financial markets open on April 26, 2022.
Following the release of its fourth quarter and fiscal year 2021 financial and operational results, Fire & Flower will host a conference call with Trevor Fencott, president and CEO and Judy Adam, CFO at 8:30 AM Eastern Time on April 26, 2022. The conference call will discuss Fire & Flower's financial and operational results.
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