Company: VREOF
Filing Date: 2025-03-21
Form Type: DEFM14C
Source: 0001140361-25-009815
Chunk: 161

Company: Vireo Growth Inc.
Filing Date: 2025-03-21
Form: DEFM14C
Chunk 161
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. In attendance were members of the Company’s management and Moelis. At such meeting, the Board received a process update regarding financial diligence and transaction documentation for the targets.

On November 5 and 14, 2024, the Company’s management, Proper, Dorsey, Snell and Moelis held diligence calls, primarily focused on litigation and similar matters.

On November 7, 2024, the Company and Chicago Atlantic sent Bill’s Nursery an initial draft merger agreement. Also on that day, Polsinelli provided a proposed transaction structure to the Company regarding the ownership structure of Arches and the structuring considerations discussed on November 5, 2024.

On November 8, 2024, the Board met and received an update on and discussed the status of the merger agreements and transaction documentation. Also on that date, the Company’s management, Arches management, Dorsey, Polsinelli and Moelis conducted a call to discuss the ownership and structuring considerations regarding Arches proposed by Wholesome and Arches management.

On November 10, 2024, Deep Roots sent the Company and Chicago Atlantic a revised draft of the merger agreement. Among other things, the Deep Roots draft limited downward adjustments to the EBITDA calculations that would in part determine the number of Subordinate Voting Shares that would be received by the Deep Roots stockholders, and included certain limited restrictive covenants of the Company in its operation of Deep Roots during the applicable earn-out period.

On November 12, 2024, the Board met. In attendance were members of the Company’s management and Moelis. At such meeting, the Board received a process update in relation to the targets.

On November 13 and 15, 2024, the Company’s management and Moelis held discussions regarding the targets’ financial models, refining assumptions and forecasts. Also on November 15, 2024, a call occurred between the Company, Deep Roots, Chicago Atlantic, Eversheds Sutherland and TrueRise to refine transaction details and discuss merger documentation.

On November 18 and 19, 2024, the Company’s management and Moelis met to discuss key model assumptions for each of the targets and proposed changes to the Company’s financial forecasts. Also on November 18, 2024, the Company and Chicago Atlantic sent Deep Roots a revised draft of the merger agreement. Among other things, the revised draft re-inserted some of the downward adjustments to the Deep Roots’ EBITDA