Brief: Greenlane And KushCo Announce Transformative Merger

Greenlane Holdings

31/03/2021 10:12

March 31 (Reuters) - Greenlane Holdings Inc  GNLN.O :
    * GREENLANE AND KUSHCO ANNOUNCE TRANSFORMATIVE MERGER,
CREATING
THE LEADING ANCILLARY CANNABIS COMPANY AND HOUSE OF BRANDS
    * GREENLANE HOLDINGS -UNDER TERMS OF DEAL, KUSHCO'S
STOCKHOLDERS
TO RECEIVE ABOUT 0.2546 SHARES OF CO'S CLASS A COMMON STOCK FOR
A SHARE OF KUSHCO STOCK
    * TRANSACTION HAS BEEN UNANIMOUSLY APPROVED BY BOARDS OF
DIRECTORS
FOR BOTH GREENLANE AND KUSHCO
    * BASE EXCHANGE RATIO IS EXPECTED TO RESULT IN KUSHCO
STOCKHOLDERS
OWNING ABOUT 49.9% OF COMBINED COMPANY'S COMMON STOCK
    * EXISTING GREENLANE STOCKHOLDERS WILL CONTINUE TO HOLD
THEIR
EXISTING SHARES OF GREENLANE COMMON STOCK
    * UPON COMPLETION OF TRANSACTION, KUSHCO'S CEO, NICK
KOVACEVICH,
WILL LEAD COMBINED COMPANY AS CHIEF EXECUTIVE OFFICER
    * ENHANCED SCALE WITH OVER $250 MILLION OF PROJECTED PRO
FORMA
2020 REVENUE
    * COMBINED COMPANY WILL BE HEADQUARTERED IN BOCA RATON,
FLORIDA
WITH A SIGNIFICANT FOOTPRINT IN SOUTHERN CALIFORNIA
    * GREENLANE HOLDINGS - IMPROVED OPERATING LEVERAGE TO DRIVE
$15
MILLION- $20 MILLION IN EXPECTED COST-SAVING SYNERGIES AND
INCREASED PROFITABILITY
    * ADDITIONAL SENIOR LEADERSHIP POSITIONS AT COMBINED COMPANY
WILL
BE NAMED AT A LATER DATE
    * BOARD OF DIRECTORS OF COMBINED COMPANY WILL CONSIST OF
SEVEN
MEMBERS, FOUR OF WHOM ARE CURRENT GREENLANE DIRECTORS

Source text for Eikon:  ID:nGNX7Gnbg3 
Further company coverage:  GNLN.O 

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