Company: VREOF
Filing Date: 2025-03-21
Form Type: DEFM14C
Source: 0001140361-25-009815
Chunk: 233

Company: Vireo Growth Inc.
Filing Date: 2025-03-21
Form: DEFM14C
Chunk 233
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 markets, and is assigned to the Company’s cultivation, production, and sale of cannabis business segment. Note 5. Net Loss per Share Net loss per share was calculated using the historical weighted average shares outstanding and the issuance of additional shares in connection with the Deep Roots Merger, assuming the shares were outstanding since January 1, 2024. As the Deep Roots Merger is being reflected as if it had occurred at the beginning of the period presented, the calculation of weighted average shares outstanding for basic and diluted net loss per share assumes that the shares issuable relating to the Deep Roots Merger have been outstanding for the entirety of the period presented.

|                                                         |     |   For the Year Ended 
 December 31, 2024(1) |
| Numerator:                                              |     |                      |
| Pro forma net loss                                      |     |        $(23,186,485) |
| Denominator:                                            |     |                      |
| Weighted average shares outstanding – basic and diluted |     |          425,631,815 |
| Net loss per share:                                     |     |                      |
| Basic and diluted                                       |     |              $(0.05) |
| Excluded securities(2):                                 |     |                      |
| Options                                                 |     |           31,232,633 |
| Restricted stock units                                  |     |           11,327,530 |
| Warrants                                                |     |           18,957,212 |
| Shares issuable to convertible debt holders             |     |           16,000,000 |
| Deep Roots Earn-Out Shares(3)                           |     |                    — |

| (1) | Pro forma net loss per share includes the related pro forma adjustments as referred to within the section “Unaudited Pro Forma Condensed Combined Financial Information.” |

| (2) | The potentially dilutive outstanding securities were excluded from the computation of pro forma net loss per share, diluted, because their effect would have been anti-dilutive. |

| (3) | Represents shares that may potentially be issued to Deep Roots shareholders under the earn-out provisions within Section 2.19 of the Deep Roots Merger Agreement. The potential number of Deep Roots Earn-Out Shares is currently not determinable. |

Wholesome Merger On December 18, 2024, Vireo Growth Inc. (the “Company” or “Vireo”) entered into an Agreement and Plan of Merger (as amended, the “Wholesome Merger Agreement”)