Close Menu
Canndoras Box
  • Home
  • History
  • Cannabis
  • Cannabis Tech
  • Hemp
  • CBD
  • THCA
  • News
  • Business
  • Cannabis Bust
    • Cannabis Pioneers

Subscribe to Updates

Subscribe to our newsletter and never miss our latest news

Subscribe my Newsletter for New Posts & tips Let's stay updated!

What's Hot

7 Best CBD Capsules of 2025

April 25, 2025

Best CBD Oils for Joint Pain in 2025

February 27, 2025

CBD CoP16 – What is CBD CoP16 and why is it important to rhinos?

October 31, 2024
Facebook X (Twitter) Instagram
Canndoras Box
  • Home
  • About Us
  • Advertise with Us
  • DMCA Policy
  • Privacy Policy
  • Terms & Conditions
  • Home
  • History
  • Cannabis
  • Cannabis Tech
  • Hemp
  • CBD
  • THCA
  • News
  • Business
  • Cannabis Bust
    • Cannabis Pioneers
Canndoras Box
Home » SNDL completes acquisition of Nova Cannabis to expand retail footprint – SNDL (NASDAQ:SNDL), Nova Cannabis (OTC:NVACF)
Cannabis

SNDL completes acquisition of Nova Cannabis to expand retail footprint – SNDL (NASDAQ:SNDL), Nova Cannabis (OTC:NVACF)

adminBy adminOctober 21, 2024No Comments3 Mins Read
Share Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email Copy Link


SNDL Inc. SNDL on Monday announced the completion of its acquisition of Nova Cannabis Inc. NVACF NOVC, securing full ownership by purchasing the remaining 34.8% of the shares it did not already own. The transaction was approved by more than two-thirds of Nova shareholders and a majority of disinterested shareholders, increasing the efficiency of SNDL's cannabis retail operations.

Nova shareholders profit from deal

Under the deal, Nova shareholders received $1.75 in cash per share. This is an addition of 41.2% to the 20-day volume-weighted average trading price as of August 12, 2024.

Alternatively, you may elect to receive 0.58 shares of SNDL common stock for each Nova share, subject to pro rata and up to 50% of the total consideration payable in SNDL shares. The majority chose cash, with only a few choosing to receive SNDL shares.

Get Benzinga's exclusive analysis and top cannabis industry and market news delivered to your inbox every day, free of charge. Subscribe to our newsletter here. If you're serious about your business, you can't afford to miss it.

CEO emphasizes cost reduction in transactions

“The acquisition of Nova's remaining minority interest is an important investment that will streamline SNDL's cannabis retail operations and generate significant savings by reducing public company expenses,” said Zachary George, CEO of SNDL. It's a milestone,” he said. He noted that the transaction was structured to encourage shareholders to opt for cash, emphasizing efficient capital deployment without significant equity dilution.

Nova stock delisting decision, SNDL appoints new director

Following the acquisition, Nova shares will be delisted from the Toronto Stock Exchange and over-the-counter markets. Additionally, Nova will cease to be a reporting issuer in Canada, and SNDL will subsequently merge with Nova under Alberta's Business Corporations Act.

Related article: Nova Cannabis shareholders approve SNDL acquisition: What this means for investors

In connection with this transaction, SNDL will appoint to its Board of Directors Mr. J. Carlo Canel, an experienced practitioner of “special situations” since 1992. This move is in line with SNDL's strategic expansion and strengthening of governance.

SNDL strengthens position and prepares for growth

For investors, SNDL's acquisition of Nova strengthens its position in the Canadian cannabis retail market, optimizing operations and reducing costs. By reducing public company expenses and strengthening its cash position, SNDL is poised for growth, becoming a more efficient player in an increasingly competitive industry and potentially increasing shareholder value over the long term.

Nova shareholders of record are encouraged to promptly submit documentation for consideration under this arrangement. SNDL's legal advice was provided by McCarthy Tétrault LLP, and Nova was advised by Eight Capital and Bennett Jones LLP.

SNDL Price Action
SNDL stock was trading down -1.24% at $2.00 per share as of press time at approximately 11:30 a.m. ET on Monday.

Related news

Market news and data powered by Benzinga API

© 2024 Benzinga.com. Benzinga does not provide investment advice. Unauthorized reproduction is prohibited.



Source link

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
admin
  • Website

Related Posts

Keep your kids safe from marijuana this Halloween

October 31, 2024

Cannabis and professional pickleball form first-ever sponsorship deal

October 30, 2024

Massachusetts cannabis regulator approves new industry rules

October 30, 2024
Leave A Reply Cancel Reply

Don't Miss
History

7 Best CBD Capsules of 2025

Tester Christine Karin tried the 100 mg version of the CBDMD softgel. She found it…

Best CBD Oils for Joint Pain in 2025

February 27, 2025

CBD CoP16 – What is CBD CoP16 and why is it important to rhinos?

October 31, 2024

Boeing expected to maintain El Segundo satellite business

October 31, 2024
Top Posts

Keep your kids safe from marijuana this Halloween

October 31, 2024

Cannabis and professional pickleball form first-ever sponsorship deal

October 30, 2024

Massachusetts cannabis regulator approves new industry rules

October 30, 2024

Flora Growth expands German cannabis presence with Curaleaf deal and parallel import business

October 30, 2024

Subscribe to Updates

Subscribe to our newsletter and never miss our latest news

Subscribe my Newsletter for New Posts & tips Let's stay updated!

About Us
About Us

Welcome to CannDora’s Box!

At CannDora’s Box, we are passionate about providing you with the latest and most relevant information in the ever-evolving world of cannabis. Our mission is to be your go-to resource for everything related to cannabis culture, including breaking news about cannabis busts, innovative new strains, and the latest in cannabis technology.

Facebook X (Twitter) Pinterest YouTube WhatsApp
Our Picks

7 Best CBD Capsules of 2025

April 25, 2025

Best CBD Oils for Joint Pain in 2025

February 27, 2025

CBD CoP16 – What is CBD CoP16 and why is it important to rhinos?

October 31, 2024
Most Popular

7 Best CBD Capsules of 2025

April 25, 2025

Greece Wants to Manage Tourists on Overrun Santorini for Summer 2024

January 5, 2020

Country Music Superstar to Host Enormous Concert to Benefit Hall of Fame

January 6, 2020
  • Home
  • About Us
  • Advertise with Us
  • DMCA Policy
  • Privacy Policy
  • Terms & Conditions
© 2025 canndorasbox. Designed by canndorasbox.

Type above and press Enter to search. Press Esc to cancel.