- Canbud Distribution Corp. (CBDX) completes its acquisition of Steep Hill Inc.
- Canbud is a science and technology health and wellness company
- Steep Hill shareholders are entitled to receive 0.096 of a common share of Canbud for each previous share held
- Other former holders are entitled to receive $0.048 in cash for each previous shares, for a total of $37,753 in cash
- Additionally, Canbud issued 2.87 million shares as an advisory fee
- Steep Hill directors and officers resigned from their respective offices
- Canbud Distribution Corp. (CBDX) is unchanged trading at $0.04 per share as of 12:11 p.m. EST
Canbud Distribution Corp. (CBDX) has completed its previously announced acquisition of Steep Hill Inc.
Steep Hill is a cannabis science company that provides lab testing, research and development, and consulting services.
Canbud is a science and technology health and wellness company that encompasses plant-based, psychedelic pharmaceutical and non-psychedelic nutraceutical, and CBD verticals.
the transaction was completed via a triangular merger between the two companies and Canbud’s subsidiary, Canbud Merger Sub Inc.
Canbud Merger amalgamated with Steep Hill, so its existence ceased, and Steep Hill continues surviving as a new subsidiary of Canbud.
Steep Hill common stock shareholders certified their status as accredited investors.
Shareholders are entitled to receive 0.096 of a common share of Canbud for each previous share held.
Or they can receive an aggregate of 82 million Canbud shares, in exchange for their Steep Hill shares, subject to rounding down in the case of fractions.
Other former holders are entitled to receive $0.048 in cash for each of their Steep Hill shares, for a total of $37,753 in cash.
All convertible notes and other outstanding securities of Steep Hill were converted into Steep Hill Shares.
Additionally, Canbud issued 2.87 million shares as an advisory fee.
Shareholders are permitted to trade 25 per cent of the shares four months from January 28, 2022.
A further 25 per cent of the shares seven, 10 and 13 months after the date can also be shared.
Steep Hill’s directors and officers resigned from their respective offices.
Canbud Distribution Corp. (CBDX) is unchanged trading at $0.04 per share as of 12:11 p.m. EST.
