Read the story here. Advertise at Before It's News here.
Profile image
By ProactiveInvestors (Reporter)
Contributor profile | More stories
Story Views
Last hour:
Last 24 hours:

Mydecine Innovations updates on strategic reorganization to spin out US cannabis assets

% of readers think this story is Fact. Add your two cents.

Mydecine Innovations Group Inc (NEO:MYCO) (OTCMKTS:MYCOF) (FRA:0NFA) has provided an update on its strategic reorganization to spin out its US cannabis assets. 

The company intends to spin out its US cannabis assets and its interests in US cannabis projects into a newly incorporated subsidiary (SpinCo) and offer its holdings of common shares in SpinCo to its existing shareholders. 

In a statement, Mydecine said it expects to receive the interim order from the Supreme Court of British Columbia on or about June 7. Then, subject to the approval of the shareholders, the reorganization (spin-out) is anticipated to close on or about the week of July 12.

READ: Mydecine Innovations ends 1Q with C$11.3M to further its therapeutics growth strategy

The purpose of the spin-out will be, among other things, to permit the company to comply with NASDAQ Listing Qualification requirements and comparable London Stock Exchange requirements regarding cannabis assets as the company continues its listing-review process with NASDAQ. 

Mydecine said its management believes that holding the US cannabis assets and cannabis projects in a separate public company removes an unintended obstacle to its planned NASDAQ and London Stock Exchange listings. 

Additionally, the company plans to leverage and monetize its US cannabis assets and cannabis projects and commercial relationships in the sector by spinning out the company’s US cannabis assets and cannabis projects into SpinCo.

Under the terms of the spin-out, the company said shareholders will receive common shares of SpinCo on a pro-rata basis based on the number of common shares of the company held. The number of shares of SpinCo to be issued to each shareholder of the company under the spin-out has not yet been determined and there will be no change in shareholders’ company holdings as a result of the spin-out.

The proposed spin-out will be subject to the approval of shareholders, which the company intends to seek at its next annual general and special meeting (no date set yet). The spin-out also requires the approval of the British Columbia Supreme Court.

Following the completion of the spin-out, Mydecine said that SpinCo intends to make an application to list the SpinCo common shares on either the Canadian Securities Exchange or the NEO Exchange.

Contact the author: [email protected]

Follow him on Twitter @PatrickMGraham

Story by ProactiveInvestors


Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!

Order by Phone at 888-809-8385 or online at M - F 9am to 5pm EST

Order by Phone at 888-388-7003 or online at M - F 9am to 5pm EST

Order by Phone at 888-388-7003 or online at M - F 9am to 5pm EST

Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser!  Cleans out toxic buildup with oxygen! 
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover -  Reduces Smart Meter radiation by 96%!  (See Video)

Immusist Beverage Concentrate - Proprietary blend, formulated to reduce inflammation while hydrating and oxygenating the cells.

Report abuse


Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Load more ...




Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.