SOL Global Wraps Up $30M Oversubscribed Substantial Issuer Bid And Takes Up Shares

SOL Global Investments Corp. SOL SOLCF (Frankfurt:9SB) revealed that recently it has taken up and purchased for cancellation a total of 7.4 million common shares at $4.05 per share pursuant to its substantial issuer bid which expired on Nov. 26, 2021, for an aggregate purchase price of $30 million.

The repurchase was announced in September, following the completion of a $20 million investment in Michigan-based cannabis operator Common C Holdings LP by acquiring 1.4 million of its class B common units as part of the deal.

The Toronto-based company said Monday that the common shares purchased represent roughly 14.2% of the total number of its issued and outstanding common shares.

Prior to completing the offer, SOL Global had some 52.03 million common shares issued and outstanding.

Based on the final count of Odyssey Trust Company, the depositary for the offer, a total of 11.9 million common shares were tendered.

With the offer being oversubscribed, shareholders who made auction tenders at $4.05 per common share had approximately 85.6% of their successfully tendered common shares bought by SOL Global.

Odyssey will effect the payment for the shares accepted for purchase under the transaction on or about Wednesday, Dec. 8, in accordance with the offer and applicable law.

Clarus Securities Inc. agreed to serve as financial advisor and dealer manager in connection with the transaction.

SOLCF Price Action

SOL Global’s shares traded 0.78% lower at $2.54 per share at the market close on Friday.

Photo: Courtesy of Maxim Hopman on Unsplash