Plant & Co Brands (CSE: VEGN) is evidently spinning out assets. The company this morning announced that it will be spinning out certain technology and True Focus assets, which is the firms cannabis related technology.
The tech and assets are to be spun out of the company as the firm undergoes a reorganization of its assets. The assets are to be spun out as a separate publicly listed reporting issuer, with a record date for the arrangement to be released “in due course.”
The spin-out evidently is slated to occur rather soon, with the record date to occur with the second quarter of 2021. Shareholders at the time of the record date are to be entitled to receive common shares of the new firm based on the amount of shares held in the company as of the date of record.
“The new company will take ownership of cannabis related assets and the top tier cannabis clients, while Plant&Co will continue focus on expanding plant-based food products including Holy Crap breakfast cereals and YamChops franchise opportunities throughout North America.”
Shawn Moniz, CEO of Plant&Co
The spin-out is being conducted as a means of unlocking shareholder value for investors.
Plant&Co Brands last traded at $0.25 on the CSE.
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