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The Valens Company has announced that over 96% of its shareholders approved the resolution for SNDL Inc. to acquire all outstanding common shares of Valens. The acquisition will proceed at a rate of 0.3334 SNDL shares for each Valens share. This decision was made during a special meeting held on November 29, 2022. The Arrangement is expected to close in January 2023, pending court approvals. This merger aims to create a leading vertically integrated cannabis company in Canada, combining SNDL's retail network and Valens' manufacturing capabilities.
The Valens Company (TSX: VLNS, NASDAQ: VLNS) announced that Institutional Shareholder Services (ISS) and Glass Lewis have recommended shareholders vote in favor of its arrangement with SNDL Inc. This merger is projected to generate over $15 million in additional EBITDA annually through synergies. Shareholders will receive 0.3334 SNDL shares for each Valens share held. The special meeting is scheduled for November 29, 2022, with a proxy voting deadline of November 25, 2022 at 10:00 AM (Toronto time). The arrangement promises significant cost synergies and enhanced market liquidity.
The Valens Company (TSX: VLNS) has received a sales license amendment from Health Canada for its Greater Toronto Area (GTA) manufacturing facility. This amendment allows the company to sell micro-processed cannabis products directly to provincial distributors, streamlining operations and potentially increasing profit margins. Since the facility's opening in November 2021, Valens has seen beverage margins rise and its market share grow from 5.5% to 9.0% in Alberta, British Columbia, Ontario, and Saskatchewan. The company plans to leverage this amendment for further product innovation.
The Valens Company (TSX: VLNS) announced the mailing of management information circulars for a special meeting to consider SNDL Inc.'s acquisition of Valens. Shareholders will receive 0.3334 SNDL shares per Valens share, reflecting a 48% premium based on a 10-day volume-weighted average price prior to the expression of interest. The meeting is set for November 29, 2022, with a proxy deadline of November 25, 2022. Shareholders are encouraged to vote, and the Valens Board unanimously supports the arrangement, citing its benefits, including significant growth opportunities and cost synergies.
The Valens Company reported Q3 2022 financial results, achieving a $12.2 million improvement in cash flow from operations compared to the previous quarter. Adjusted gross margin increased to 24.9%, while SG&A expenses fell by 28.6%. Provincial sales grew 22.8% to $11.3 million despite challenges from cybersecurity incidents and labor strikes. The company entered an acquisition agreement with SNDL, aiming to create a top-tier, vertically integrated cannabis platform in Canada. Net revenue, however, decreased 15.4% to $20.3 million due to declines in Green Roads revenue and B2B sales.
The Valens Company (TSX: VLNS, Nasdaq: VLNS) will announce its third quarter 2022 financial results on October 13, 2022, prior to market opening. The report will cover the period ending August 31, 2022. Valens is known for its innovative cannabis products, providing processing services and developing goods for various consumer segments, including medical and recreational markets. The company also emphasizes quality and compliance in its operations, maintaining a focus on growth and alignment with consumer preferences.
The Valens Company held its Annual General Meeting of Shareholders on August 2, 2022, where six director nominees were elected with significant shareholder support, receiving over 95% of votes in favor. KPMG LLP was also reappointed as auditors. Notably, Aïda Moudachirou-Rébois withdrew her candidacy due to unforeseen circumstances. Valens continues to prioritize governance best practices and aims to enhance board diversity and expertise in key areas. Full voting results are accessible on SEDAR.
The Valens Company has announced the nomination of Aïda Moudachirou-Rébois, Senior VP and Global CMO of MAC Cosmetics, to its Board of Directors at the Annual General Meeting scheduled for August 2, 2022. This move aims to enhance the board's expertise in consumer packaged goods, increasing the number of independent directors to six. CEO Tyler Robson highlighted Moudachirou-Rébois' extensive brand-building experience as vital for the company's growth strategy. The board would consist of seven directors if all nominees are elected, promoting diversity with two female directors and one identifying as LGBTQIA+.
The Valens Company reported a 3.5% increase in net revenue, reaching $24.0 million in Q2 2022, driven by double-digit growth in Green Roads and B2B segments, despite a decline in provincial sales (down 14.8%). The company has realized $15 million in annual cost savings through Integration Initiatives, exceeding its $20 million target. Valens aims for positive adjusted EBITDA by Q4 2022 and has seen strong market share growth in Canada, now at 3.2%. Following a $52.9 million impairment loss, Valens anticipates impactful cost reductions and improved profitability in upcoming quarters.
The Valens Company will announce its second quarter 2022 financial results on July 13, 2022, after market close. The company will host a conference call the following day, July 14, 2022, at 11:00 a.m. ET to discuss the results and future outlook. Interested participants can dial in or access the call via webcast. Valens specializes in cannabis product manufacturing and processing, focusing on high-quality and innovative consumer packaged goods.
