FLOWER ONE HOLDINGS INC - FLOOF STOCK NEWS

Flower One Holdings announced the completion of its restructuring process involving the 9.5% unsecured debentures, which will now mature on January 31, 2024. This restructuring has reduced debt service burdens, improved cash flow, and allowed for new investments. Approximately 91.3 million units were issued to debenture holders, and total principal amounts for the March and November debentures have decreased significantly. Additionally, a second loan modification agreement was reached with a term lender regarding US$30 million term debt, extending the maturity date to January 26, 2023.

Flower One Holdings anticipates a delay in filing its financial statements for the year ending December 31, 2020, beyond the April 30, 2021 deadline. This delay is due to logistical issues from COVID-19, management changes, and significant financing events. The company has applied for a management cease trade order (MCTO) to restrict trading by its CEO and CFO, which won't affect other shareholders. Flower One remains committed to providing updates until the filings are complete, expected by May 28, 2021.

Flower One Holdings Inc. (CSE: FONE, OTCQX: FLOOF) has announced that holders of its 9.5% convertible debentures have approved certain amendments, including extending the maturity date to January 31, 2024, and reducing the conversion price to CAD$0.385. The Company will issue approximately 91.26 million units to Debentureholders, significantly reducing outstanding principal. Kellen O’Keefe, Interim CEO, stated that this restructuring will help focus on business growth, with the New Conversion Right expected to be effective by April 19, 2021.

Flower One Holdings Inc. announced the issuance of 1,996,742 common shares to RB Loan Portfolio II, LLC as part of a loan modification agreement concerning a USD$30 million term debt. The modifications include extending the loan maturity from June 27, 2021 to December 21, 2021 and adjusting the interest rate to 14%. The shares were issued at a deemed price of CAD$0.2065, subject to a six-month lock-up. Flower One is a major cannabis cultivator in Nevada, focusing on providing fulfillment services for top cannabis brands.

Flower One Holdings reminds holders of its convertible debentures due March 28, 2022, and November 15, 2022, to vote on proposed amendments. The deadline for submissions is April 13, 2021, at specific times for each debenture. The Board of Directors recommends voting in favor of these resolutions. Flower One, a top cannabis cultivator in Nevada, operates a 400,000 sq. ft. greenhouse and offers a range of products for leading brands. The company acknowledges potential risks associated with forward-looking statements and its business operations under U.S. federal law.

Flower One Holdings announced virtual meetings for Debentureholders regarding restructuring proposals for its 9.5% Unsecured Convertible Debentures. The meetings will occur on April 15, 2021, for the November and March Debentureholders. The management circular includes details on voting and participation due to COVID-19. Flower One, a leading cannabis cultivator in Nevada, urges Debentureholders to vote in favor of the proposed resolutions. The company's operational capacity includes a 400,000 sq. ft. greenhouse and a 55,000 sq. ft. production facility.

Flower One Holdings has successfully closed the third tranche of its 2021 convertible debenture offering, raising approximately CAD$2.55 million. This brings the total gross proceeds from the offering to approximately CAD$24.13 million. Each debenture unit consists of a 9.0% unsecured convertible debenture and warrants, with an exercise price of CAD$0.39. The funds will be allocated for working capital and debt obligations, aiming to boost operations in Nevada's cannabis market.

Flower One Holdings announced the close of the second tranche of its 2021 convertible debenture offering, raising CAD$8,757,643.92 (USD$6,896,217.02). This brings total proceeds from the offering to approximately CAD$21,583,835.90 (USD$16,996,217.02). The company is converting CAD$413,490 in vendor debts into common shares and satisfying conditions for a loan modification agreement. With increased product demand and improved operations, Flower One aims to achieve its goals for 2021 and beyond. The company has also secured support for restructuring its convertible debentures.

Flower One Holdings (CSE: FONE) (OTCQX: FLOOF) has announced a restructuring initiative concerning its convertible debentures, gaining majority support from holders of both March and November Debentures. The amendments involve extending the maturity date to January 31, 2024, adjusting interest rates, and implementing a forced conversion option. The restructuring aims to improve cash flow and reduce debt service burdens. Furthermore, the board unanimously supports this transaction, viewing it as beneficial for stakeholders.