Company: VREOF
Filing Date: 2025-03-07
Form Type: PRE 14C
Source: 0001140361-25-007601
Chunk: 253

Company: Vireo Growth Inc.
Filing Date: 2025-03-07
Form: PRE 14C
Chunk 253
---
ers, including the issuance of Vireo’s Subordinated Voting Shares to Proper as consideration transferred and (2) the recognition of acquired intangible assets and goodwill of $51,595,614. Refer to the table in Note 4 below for additional information related to these adjustments. |

| B2 | Represents the elimination of the Proper Companies’ historical equity as a result of the business combination by reclassifying the Proper Companies’ ‘Member’s equity’ balance of $30,337,678 to Additional paid-in capital. |

| C | Not used. |

| D | Not used. |

| E | Represents an assumed fair value of the contingent consideration for the potential forfeitures related to the Proper Forfeiture Shares, as defined below. No amount has been estimated for the Proper EBITDA Earn-Out Shares or the Proper E-Commerce Earn-Out Shares, as the accounting is expected to be finalized upon consummation of the Proper Mergers. Refer to Note 4 for additional information related to the Proper Forfeiture Shares, the Proper EBITDA Earn-Out Shares and the Proper E-Commerce Earn-Out Shares. |

Adjustments to Unaudited Pro Forma Condensed Combined Statement of Operations The pro forma adjustment included in the unaudited pro forma condensed combined statement of operations for the year ended December 31, 2024 is as follows:

| AA | Represents estimated remaining transaction costs not already reflected in the December 31, 2024 historical financial statements of Vireo of $1,449,636 as if incurred on January 1, 2024, the date the Proper Mergers occurred for purposes of the unaudited pro forma condensed combined statement of operations. The $1,126,000 of transaction costs incurred and therefore already recorded in the December 31, 2024 historical financial statements of Vireo is recorded within “Professional fees.” |

148

TABLE OF CONTENTS

Note 4. Estimated Purchase Price Consideration The estimated preliminary purchase price allocation for the Proper Mergers and the corresponding aggregate Merger Consideration is presented in the table below as if the Proper Mergers closed on December 31, 2024. The purchase price allocation for the proposed Proper Mergers is preliminary and subject to revision once the proposed Proper Mergers are complete and as additional information about the fair value of the assets to be acquired and liabilities to be assumed becomes available. In general, due to the nature of certain assets acquired and liabilities assumed, the Company has prelimin