Zenabis Global (TSX: ZENA) is near the finish line for its merger arrangement with that of Hexo Corp (TSX: HEXO) (NYSE: HEXO). The company last night formally announced that it has obtained a final court order from the Supreme Court of British Columbia approving the transaction.
Yesterday evening’s announcement comes on the heals of an approval being received by the firms shareholders on May 13 at a special meeting of shareholders. With the major hurdles passed, the company is now just working through customary closing conditions, including final approval of the transaction from the TSX.
The transaction is expected to close June 1, 2021 as a result.
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The transaction will see Zenabis shareholders receive 0.01772 shares of Hexo for every share of Zenabis held. The exchange ratio currently implies a value of $0.14 per Zenabis share as of yesterday’s closing prices.
Zenabis Global last traded at $0.125 on the TSX.
Information for this briefing was found via Sedar and Zenabis Global. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
