On the special meeting of shareholders of HEXO Corp (NASDAQ:HEXO) (TSX:HEXO), holders of common shares of HEXO overwhelmingly approved the equity purchase agreement with 2692106 Ontario Inc. and KAOS Capital Ltd.
A total of 73.88 million common shares were represented at the meeting in person by virtual attendance or by proxy.
At the meeting, shareholders voted in favor of the ordinary resolution to approve certain aspects of the standby agreement, pursuant to which the investor agreed to subscribe for, and the company agreed to issue and sell, on and subject to the terms of the standby agreement, up to $180 million in common shares of the company. The standby commitment resolution was approved by 87.246% of the votes cast by shareholders at the meeting.
The company previously obtained, on May 13, 2022, conditional approval from the Toronto Stock Exchange for the standby commitment. However, performance of the standby commitment is subject to the fulfillment of certain conditions, including receipt of an exemptive relief order from the Autorité des marchés financiers, as the company’s principal regulator. The standby commitment is expected to be available to the company by the end of June 2022.
Meeting Adjourned
Following the vote on the standby commitment resolution, and without asking shareholders to vote on the resolution approving certain aspects relating to the previously announced transaction agreement with Tilray Brands, Inc. (NASDAQ:TLRY) (TSX:TLRY) and HT Investments MA LLC, the company adjourned the meeting until July 4, 2022 at 10:00 a.m. E.T. in order to provide shareholders with additional time to consider previously announced amendments to the note transaction.
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