Company: VREOF
Filing Date: 2025-03-07
Form Type: PRE 14C
Source: 0001140361-25-007601
Chunk: 235

Company: Vireo Growth Inc.
Filing Date: 2025-03-07
Form: PRE 14C
Chunk 235
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 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 (the “Wholesome Merger Agreement”) with WholesomeCo, Inc. (“Wholesome”), where pursuant to the Wholesome Merger Agreement, Vireo will acquire all of the issued and outstanding shares of Wholesome (the “Wholesome Merger”) in exchange for the currently estimated issuance of 130,546,789 subordinate voting shares (the “Subordinate Voting Shares”) of Vireo (subject to the clawback provisions of the Wholesome Forfeiture Amount, as defined below), representing a value of $60,051,523 (the “Merger Consideration”), plus the potential Wholesome EBITDA Earn-Out Shares and Wholesome E-Commerce Earn-Out Shares, as defined below. The number of Subordinate Voting Shares to be issued at the closing date of the Wholesome Merger (the “Wholesome Closing Date”) was calculated by dividing the value of the merger consideration as of December 18, 2024 by a share price reference of $0.52 for Vireo’s Subordinate Voting Shares. In general, the Merger Consideration is based upon a multiple of a $16,000,000 earnings before interest, taxes, depreciation and amortization (“EBITDA”), adjusted for certain items as described in the definition of Merger Consideration in the Wholesome Merger Agreement, including cash, indebtedness, transaction expenses, working capital, and tax items.

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At the Wholesome Closing Date, each share of the Series A common stock, par value $0.001 per share, of