Vertical Peak Completes Spin-Out Of Neural Therapeutics

Vertical Peak Holdings Inc. SPLIF MJMJ and Neural Therapeutics Inc., closed the spin-out of Neural through a plan of arrangement under the British Columbia Business Corporations Act, pursuant to the amended and restated arrangement agreement dated February 24, 2023.

Closing of the Plan of Arrangement

The record date of the plan of arrangement was set at May 19, 2023. On May 23, 2023, being the effective date for the plan of arrangement, Vertical Peak shareholders, that were holders of Vertical Peak shares on the record date have received their pro rata portion of the common shares in the capital of Neural. On the effective date, each Vertical Peak shareholder who was a holder of subordinate voting shares of Vertical Peak on the decord date received 0.013884682 of a Neural share for each Vertical Peak SVS held by such holder, and each Vertical Peak shareholder who was a holder of multiple voting shares of Vertical Peak on the record date received 0.13884682 of a Neural share for each Vertical Peak MVS held by such holder as at the record date.

Vertical Peak shareholders who were holders of Vertical Peak SVS and Vertical Peak MVS as of the record date will receive either a direct registration statement advice or a physical share certificate reflecting their ownership of the Neural shares, or their brokerage account will be credited with the shares through the CDS system. No additional action is required by Vertical Peak shareholders in order to receive Neural shares in connection with the plan of arrangement, and these securities will be mailed out or delivered electronically to the respective Vertical Peak shareholders on or about May 26, 2023.

It is intended that Neural will apply to list the Neural shares on a Canadian stock exchange in the near future. The listing of Neural shares is subject to meeting all the conditions for listing established by the exchange and acceptance by the exchange. Pursuant to the terms of the arrangement agreement, Neural issued 2 million common share purchase warrants to Vertical Peak. Each Neural VP warrant is exercisable into one Neural share at a price of $1.00 per Neural share for a period ending 36 months from the effective date.

Photo: Benzinga edit with photos by jarmoluk and lindsayfox on Pixabay

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