Subversive Acquisition LP Announces Unitholder Approval of Qualifying Transaction With InterCure, Israel’s Leading and Fastest-Growing Cannabis Company

Rhea-AI Summary

Subversive Acquisition LP (SBVRF) has announced that over 89.36% of its unitholders approved its qualifying transaction to merge with InterCure Ltd (dba Canndoc), Israel's leading cannabis company. This transaction is set to close on April 8, 2021, pending certain conditions. Additionally, unitholders voted 96.33% in favor of extending the deadline for this transaction until August 31, 2021. The merger aims to enhance market presence and position within the pharmaceutical-grade cannabis sector.

Positive

• Overwhelming unitholder approval (89.36%) for the transaction with InterCure.
• Extension of the transaction deadline grants more time to satisfy closing conditions.
• Potential market expansion through the merger with a leading cannabis producer.

Negative

• Completion of the Qualifying Transaction is still subject to regulatory approvals.
• Market uncertainties regarding the cannabis industry could impact future operations.

TORONTO, April 06, 2021 (GLOBE NEWSWIRE) -- SUBVERSIVE ACQUISITION LP (TSX: SVX.U NEO: SVX.U OTCQX: SBVRF) (“SVX”) announced today that that its unitholders have overwhelmingly approved its qualifying transaction to combine with InterCure Ltd. (dba Canndoc) (TASE: INCR) (“InterCure”), Israel’s leading cannabis company (the “Qualifying Transaction”), with over 89.36% of the votes cast in favour of the plan of arrangement pursuant to which the Qualifying Transaction will be completed.

Holders of Restricted Voting Units also voted in favour of a resolution extending the date by which SVX has to consummate a qualifying transaction from April 8, 2021 to up to August 31, 2021 (the “Extension Resolution”). Over 96.33% of the votes cast were in favour of the extension. A copy of the complete report on voting at the unitholder meeting will be made available under SVX’s profile on SEDAR at www.sedar.com.

The Qualifying Transaction is scheduled to close on April 8, 2021, subject to the satisfaction or waiver of certain conditions to closing.

For Further Information

SVX’s non-offering prospectus dated March 12, 2021 and management information circular dated March 9, 2021, both of which contain details on the Qualifying Transaction and Meeting, are available on SEDAR at www.sedar.com and at subversivecapital.com/svx

About SVX

Subversive Acquisition LP is a limited partnership established under the Limited Partnerships Act (Ontario) formed for the purpose of effecting, directly or indirectly, an acquisition of one or more businesses or assets, by way of a merger, amalgamation, arrangement, equity exchange, asset acquisition, equity purchase, reorganization, or any other similar business combination involving SVX that will qualify as its qualifying transaction for the purposes of the rules of the TSX and Neo Exchange Inc. SVX is a special purpose acquisition corporation for the purposes of the rules of the TSX and Neo Exchange Inc.

For more information, visit https://www.subversivecapital.com/svx.

About Subversive Capital

Subversive Capital is a leading investment firm dedicated to investing in radical companies whose core missions subvert the status quo. With almost a decade of experience in the global cannabis industry, Subversive Capital has lead investments in some of the most successful transactions in the industry including the recent launch and closing transaction of Subversive Capital Acquisition Corp. to form The Parent Company (TPCO Holding Corp.) currently traded on the Neo Exchange and OTCQX.

For more information, visit www.subversivecapital.com.

About InterCure (dba Canndoc)

InterCure (TASE: INCR) is the first public company on the Tel Aviv Stock Exchange to hold a valid and permanent license for the medical cannabis value chain through its 100% ownership in Canndoc. Canndoc is a GMP medical cannabis producer. Licensed by the Israeli Ministry of Health since 2008, Canndoc is a leading pioneer in the research, cultivation, production, and distribution of pharma-grade cannabis-based products to patients, hospitals, pharmacies, research and governmental organizations. Through its strategic exclusive collaboration with world leaders, distribution agreement with SLE (100% owned by Teva Pharmaceutical Industry) and long-term sales agreements, Canndoc is well-positioned as a leading and significant player in pharma-grade medical cannabis in Israel, Europe and the United Kingdom.

For more information, visit: http://www.canndoc.com.

Forward‐Looking Statements

This press release may contain forward-looking information within the meaning of applicable securities legislation which reflects SVX’s current expectations regarding future events. The words “will”, “expects”, “intends” and similar expressions are often intended to identify forward-looking information, although not all forward-looking information contains these identifying words. Specific forward-looking information contained in this press release includes, but is not limited to: statements concerning the completion and proposed terms of, and matters relating to, the Qualifying Transaction. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond SVX’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to: failure to complete the Qualifying Transaction, inability to obtain requisite regulatory approvals, changes in general economic, business and political conditions, changes in applicable laws, the U.S. and Canadian regulatory landscapes and enforcement related to cannabis, changes in public opinion and perception of the cannabis industry, reliance on the expertise and judgment of senior management, as well as the factors discussed under the heading “Risk Factors” in the Prospectus, which is available on SEDAR at www.sedar.com. SVX undertakes no obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

FOR FURTHER INFORMATION PLEASE CONTACT:

INVESTORS:

SVX
investor@subversivecapital.com 

MEDIA:

Subversive Acquisition LP
Berrin Noorata
Berrin@subversivecapital.com 

InterCure Ltd.
Adam Haliva, Global Investor Relations
adam@canndoc-pharma.com, (972) 54-646-8778 

FAQ

What is the significance of the merger between Subversive Acquisition LP and InterCure Ltd?

The merger aims to strengthen market presence in the pharmaceutical-grade cannabis sector.

When is the Qualifying Transaction between SBVRF and InterCure expected to close?

The transaction is scheduled to close on April 8, 2021, subject to certain conditions.

What percentage of unitholders voted in favor of the merger?

Over 89.36% of unitholders approved the merger with InterCure.

Why was the transaction deadline for SBVRF extended?

The deadline was extended to August 31, 2021, to provide more time for meeting closing conditions.

What are the risks associated with the merger of SBVRF and InterCure?

Risks include the need for regulatory approvals and market uncertainties in the cannabis industry.