Planet 13 Holdings Inc. (CSE:PLTH) (OTCQX:PLNHF) and Next Green Wave Holdings Inc. (CSE:NGW) (OTCQX:NXGWF) announced that the previously announced acquisition of Next Green Wave by Planet 13 was overwhelmingly approved at the special meeting of NGW shareholders, representing 47.73% of issued and outstanding NGW shares voted in person or by proxy at a Friday meeting, with 96.71% voting in favor.
The acquisition will result in Planet 13 acquiring all of the issued and outstanding shares of Next Green Wave.
Under the terms of the Arrangement, based on pricing today, each NGW shareholder will receive 0.1145 of one Planet 13 common share, subject to calculations as previously disclosed and a nominal cash payment of $0.0001 for each NGW share held.
NGW option holders will receive replacement Planet 13 options that will entitle the holders to receive, upon exercise thereof, Planet 13 common shares based upon the Exchange Ratio.
The completion of the Arrangement is subject to a number of customary conditions, including a final order and approval of the Supreme Court of British Columbia. NGW is seeking the final order of the Court on March 1, 2022. Provided that all conditions to closing of the Arrangement are satisfied or waived, the deal is expected to be completed shortly after receipt of the final order from the Court.
