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Planet 13 Holdings and Next Green Wave Holdings announced the overwhelming approval of Planet 13's acquisition of Next Green Wave at a recent special meeting. A significant 96.71% of NGW shareholders voted in favor of the acquisition, which will see NGW shares exchanged for Planet 13 shares at an exchange ratio of 0.1145, plus a cash payment of $0.0001 per share. The completion of this arrangement is subject to customary conditions, including final court approval expected on March 1, 2022.
Planet 13 Holdings is set to acquire Next Green Wave Holdings for approximately C$91 million through a court-approved arrangement. Shareholders of Next Green Wave will receive shares of Planet 13 at an exchange ratio which may vary based on share price fluctuations. The deal represents a premium of 52% over NGW's closing price and is expected to enhance Planet 13's operations in California, particularly through NGW's premium cultivation techniques. The transaction aims to close in Q1 2022, pending regulatory approvals.
