Supreme Cannabis Company Inc (OTCMKTS:SPRWF) stock ended lower on low volume Tuesday. The company released news after the market closed. The stock could be in action on Wednesday.
Major Trigger:
The Supreme Cannabis Company, Inc. Obtains Final Order for Arrangement with Canopy Growth Corporation
Key Highlights:
- SPRWF announce that it has been granted the final court order from the Ontario Superior Court of Justice (Commercial List) approving the plan of arrangement (the “Arrangement”) with Canopy Growth Corporation (“Canopy”), pursuant to which, among other things, Canopy will acquire all of the issued and outstanding common shares of Supreme (the “Supreme Shares”) for consideration consisting of 0.01165872 of a Canopy common share and $0.0001 in cash (the “Consideration”) in exchange for each Supreme Share held, which was previously announced on April 8, 2021. Receipt of the final order follows approval of the Arrangement by shareholders of Supreme (the “Supreme Shareholders”) at its special meeting of Supreme Shareholders held on June 10, 2021.
- Assuming the satisfaction of all conditions, closing of the Arrangement is expected to occur on or about June 22, 2021. Upon the closing of the Arrangement, Supreme Shareholders will be entitled to receive the Consideration in exchange for each Supreme Share held. Registered Supreme Shareholders can submit their share certificates along with a duly completed letter of transmittal in order to receive the Consideration under the Arrangement.
Market Reaction
In the previous trading session, SPRWF stock down 3.45% to $0.2827. Total volume for the session stood at 182K shares, below its average volume of 407K shares. The stock moved within a range of $0.2720 – 0.2948.
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