On September 16, 2020, Vancouver-based cannabis industry companies, Choom Holdings Inc. (CSE: CHOO)(OTCQB: CHOOF) ("Choom") and Phivida Holdings Inc. (CSE: VIDA) ("Phivida"), announced the completion of the acquisition of Phivida by Choom, pursuant to a court-approved plan of arrangement. As per the terms of the transaction, Choom acquired all of the issued and outstanding shares of Phivida in exchange for consideration of 0.72566 of a common share of Choom for each Phivida share.
In connection with the closing, a total of 64,608,187 Choom shares were issued to the former holders of Phivida shares, resulting in former Phivida shareholders holding approximately 28.6% of the total number of issued and outstanding Choom shares. In addition, the outstanding options to purchase Phivida shares have been replaced with options to purchase Choom shares on the same terms and conditions, other than necessary adjustments, as set out in the plan of arrangement.
Gowling WLG advised Phivida with respect to this transaction with a team that included Peter Simeon, Kathleen Ritchie and Jacob Cawker (corporate and securities) and supported by Jonathan Ross and Ryleigh Milligan (litigation).
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