Brief: Schmitt Industries Enters Into Term Sheet With Proton Green

Schmitt Industries

20/07/2022 14:19

July 20 (Reuters) - Schmitt Industries Inc  SMIT.O :
    * SCHMITT INDUSTRIES ENTERS INTO TERM SHEET WITH PROTON
GREEN
    * SCHMITT INDUSTRIES - TERM SHEET FOR REVERSE TAKEOVER
TRANSACTION
FOR ONE OF LEADING HELIUM, HYDROGEN PRODUCTION & CARBON
SEQUESTRATION HUBS IN N. AMERICA
    * SCHMITT INDUSTRIES INC - UNDER MERGER AGREEMENT, PROTON
GREEN
WOULD BECOME A WHOLLY OWNED SUBSIDIARY OF SCHMITT
    * SCHMITT INDUSTRIES INC - TRANSACTION WOULD INCLUDE A
SPIN-OFF OF
SCHMITT'S AMPLE HILLS BUSINESS TO PRE-MERGER SHAREHOLDERS OF
SCHMITT'S COMMON STOCK
    * SCHMITT INDUSTRIES INC - AFTER DEAL, CO TO BE RENAMED
"PROTON
GREEN CORPORATION" AND COMMON STOCK WOULD CONTINUE TO TRADE ON
NASDAQ UNDER A NEW SYMBOL
    * SCHMITT INDUSTRIES - ANTICIPATES THAT SECURITY HOLDERS OF
PROTON
GREEN & SCHMITT WOULD HOLD APPROXIMATELY 95% AND 5%,
RESPECTIVELY, OF COMBINED CO
    * SCHMITT INDUSTRIES - PARTIES WILL LOOK TO SEEK SHAREHOLDER
APPROVAL FROM SCHMITT'S SHAREHOLDERS IN FOURTH CALENDAR QUARTER
OF 2022
    * SCHMITT INDUSTRIES INC - INTENDS TO TRANSFER $10 MILLION
TO ITS
AMPLE HILLS BUSINESS IN CONNECTION WITH SPIN-OFF

Source text for Eikon:  ID:nPn6X4x1za 
Further company coverage:  SMIT.O 

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