Company: VREOF
Filing Date: 2025-03-21
Form Type: DEFM14C
Source: 0001140361-25-009815
Chunk: 156

Company: Vireo Growth Inc.
Filing Date: 2025-03-21
Form: DEFM14C
Chunk 156
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 the Deep Roots MOU, including a proposed termination fee, the measurement and determination of the adjusted EBITDA for Deep Roots and the mechanism for post-closing economic adjustments, and potential lock-up periods and potential forfeiture mechanics for the Subordinate Voting Shares to be received by Deep Roots stockholders.

On August 8, 2024, the Company’s management, Chicago Atlantic and Moelis held a review call to analyze the Company’s working financial model, functionality and assumptions and certain strategic implications related to the potential transactions. On the same day, the Board received an informal update regarding the potential transactions from the Company’s management.

On August 9, 2024, the Company’s management, Proper, Chicago Atlantic, Dorsey, and Moelis held a kick-off diligence call. Also on that date, Proper’s virtual data room was opened to facilitate the exchange of due diligence and transaction related materials.

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On August 12, 2024, the Board received an informal update regarding the potential transactions from the Company’s management.

On August 14, 2024, Dorsey, Moelis, Proper and Snell & Wilmer L.L.P. (“Snell”) held a subsequent diligence call.

On August 15, 2024, CohnReznick LLP (“CohnReznick”) was engaged by the Company (confirmed by engagement letter executed August 21, 2024) to assist in financial and accounting due diligence, including creation of quality of earnings (“QoE”) reports in relation to the potential counterparties.

On August 16, 2024, Deep Roots sent a revised draft MOU to the Company and Chicago Atlantic. The revised draft provided, as part of the basis of determination of the purchase price, for a 4.175 acquisition multiple of Deep Roots’ EBITDA. The revised draft also included a proposed mechanic for valuing each of the Company Subordinate Voting Shares issued as consideration using (subject to the rules of the CSE) the lesser of $0.52 per share or a 20 day volume weighted average price per share during the period prior to closing.

Between August 21 and August 27, 2024, the Company, Chicago Atlantic and Deep Roots continued to exchange drafts of and negotiate the MOU. On August 27, 2024, the Company and Deep Roots executed the non-binding (with certain exceptions) MOU. Binding portions of the MOU included