MRVFF - MRVFF STOCK NEWS

Miravo Healthcare (TSX:MRV; OTCQX:MRVFF) has received final court approval from the Ontario Superior Court for its arrangement with Searchlight Pharma, set to close on March 14, 2023. Shareholders will receive $1.35 CAD per share in cash. Following the arrangement, Miravo will be delisted from the TSX and cease to be a reporting issuer in Canada. Registered shareholders may elect to receive cash in U.S. dollars. The arrangement suggests a strategic alignment with Searchlight, focusing on specialty healthcare markets. However, the announcement highlights the winding down of manufacturing operations in Varennes, Québec.

Miravo Healthcare (TSX:MRV; OTCQX:MRVFF) announced that shareholders voted in favor of a special resolution to approve a plan of arrangement with Searchlight Pharma Inc. Under this agreement, Shareholders will receive cash consideration of $1.35 per share. A total of 4,160,856 shares, representing 89.23% of votes cast, supported the arrangement. Completion of the arrangement still requires court approval, with an application scheduled for March 10, 2023 and expected closure around March 14, 2023. The move will lead to Miravo being de-listed from the TSX and ceasing to be a reporting issuer.

Miravo Healthcare (TSX:MRV; OTCQX:MRVFF) is set to hold a special meeting for shareholders on March 7, 2023, at 9:00 a.m. (Toronto time) to discuss a significant plan of arrangement with Searchlight Pharma Inc.. Shareholders are urged to vote their shares by 9:00 a.m. on March 3, 2023, ahead of the meeting. The arrangement involves the acquisition of Miravo’s shares at $1.35 per share. Approval requires a two-thirds majority vote, with specific exclusions as per the minority approval requirements under MI 61-101.

Meeting materials were distributed on February 13, 2023, and further details can be found on SEDAR.

Miravo Healthcare (TSX:MRV; OTCQX:MRVFF) has announced the upcoming special meeting for shareholders on March 7, 2023, to vote on a proposed arrangement with Searchlight Pharma Inc. Under this plan, Searchlight will acquire all common shares of Miravo for $1.35 each. The company's board recommends approval of this resolution, considering the offer fair for shareholders, backed by a fairness opinion from Bloom Burton Securities. Shareholders controlling ~23.16% of Miravo shares have pledged their support. The arrangement requires Court approval and a two-thirds majority vote. The transaction is expected to close in Q1 2023.

Miravo Healthcare (TSX:MRV; OTCQX:MRVFF) has entered into an agreement with Searchlight Pharma for the acquisition of all common shares for $1.35 each, a 79.8% premium over the last 90-day average price. The deal values Miravo at approximately $15.8 million in equity and $91.4 million in enterprise value. Following the transaction, Miravo will remain Canadian-controlled. The Board unanimously recommends the Arrangement, citing benefits for shareholders, while emphasizing that court and shareholder approval are required before completion, expected in Q1 2023.

Nuvo Pharmaceuticals Inc. (MRVFF) reported a 7% increase in total revenue to $18.1 million for Q3 2022, compared to Q3 2021. Net income improved to $0.4 million, reversing a $17.8 million loss from the previous year. Canadian prescriptions for Blexten and Suvexx rose by 27% and 86% respectively. However, adjusted EBITDA decreased by 19% to $5.7 million. For the nine months ended September 30, total revenue reached $54.7 million, with net income at $20.8 million. The company is winding down manufacturing operations for Pennsaid 2% due to revenue loss from generic competition.

Nuvo Pharmaceuticals Inc. (MRV; MRVFF) has appointed Anthony Snow to its Board of Directors as of August 12, 2022. With over 20 years of experience in public and private investment, Mr. Snow is the President and Co-Portfolio Manager at Red Oak Partners, Miravo's largest shareholder. His extensive background includes roles at Soros Fund Management and Merrill Lynch, enhancing the board's expertise. Both CEO Jesse Ledger and Board Chair Rob Harris expressed confidence in his contributions to the company.

Miravo Healthcare (MRVFF) reported Q2 2022 revenue of $20.9 million, up 6% YoY, with adjusted revenue rising 17% to $23.3 million. Net income soared to $18.3 million from $9.1 million last year. Canadian prescriptions for Blexten and Suvexx surged by 17% and 85% respectively. However, Miravo plans to wind down its manufacturing facility in Varennes, Québec, projecting restructuring costs of $2.0 million to $2.5 million over 9-12 months. The company anticipates launching Suvexx in EU markets in 2023.

Nuvo Pharmaceuticals Inc. (MRVFF) d/b/a Miravo Healthcare will release its Q2 2022 financial results before the market opens on August 15, 2022. Following the release, a conference call is scheduled for 11:00 a.m. ET on the same day, hosted by President & CEO Jesse Ledger along with senior management. Investors can participate via dial-in or access the audio webcast online. The company focuses on acquiring growth-oriented healthcare products in various therapeutic areas including pain and neurology.