Sundial Growers Inc (SNDL)

[Rsarabjit]

Sundial Transaction with INSHF!

Link: https://mjstocktrader.com/inner-spirit-holdings-announces-first-quarter-2021-financial-results/


Subsequent to the quarter, on May 5, 2021, the Company announced it had entered into an arrangement agreement (the “Agreement“) with Sundial Growers Inc. (“Sundial“) (NASDAQ: SNDL) pursuant to which Sundial will acquire all of the issued and outstanding common shares of Inner Spirit for total consideration of approximately $131 million (the “Transaction“).
Under the terms of the Agreement, Inner Spirit’s shareholders will receive, for each Inner Spirit common share held, (i) $0.30 in cash and (ii) 0.0835 of a Sundial common share (representing $0.09 per Inner Spirit common share based on the 10-day volume-weighted average price (“VWAP“) of Sundial common shares on the Nasdaq Capital Market on May 4, 2021), for total consideration of $0.39 per Inner Spirit common share. The Transaction has been unanimously approved by the Boards of Directors of Sundial and Inner Spirit and is expected to close early in the third quarter of 2021. 
Network Expansion 
During the first quarter of 2021 and subsequent, the Company has continued to expand its network of Spiritleaf retail cannabis stores across Canada. Spiritleaf operated 68 stores to begin the first quarter of 2021 and opened 14 stores during the quarter in Alberta, Saskatchewan, Ontario, and Newfoundland and Labrador. In April and May, Spiritleaf has opened an additional 10 stores in Alberta, Saskatchewan and Ontario. With the recent additions, Spiritleaf has a total of 92 stores across the country (72 franchise owned and 20 corporate owned). Please visit www.spiritleaf.ca for information on store locations and their operating hours.
“We’ve been able to expand the Spiritleaf network organically due to the support and dedication of our franchise partners, employees, customers, strategic partners and investors. We have developed a strong business model that is attracting entrepreneurs to invest their hard-earned capital in the Spiritleaf opportunity and to represent our brand in their communities and with their neighbours. We have additional Spiritleaf store locations being readied to open at this time and expect to celebrate achieving our 100th store this summer,” said Bondar.