Company: VREOF
Filing Date: 2025-03-21
Form Type: DEFM14C
Source: 0001140361-25-009815
Chunk: 326

Company: Vireo Growth Inc.
Filing Date: 2025-03-21
Form: DEFM14C
Chunk 326
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 Consideration, the “Consideration”), subject to adjustments as specified in the Bill’s Nursery MOU and Bill’s Nursery Agreement (as to which we express no opinion). |

Based on the foregoing, existing Company shareholders are expected to own approximately 23.9% of the pro forma entity immediately after the issuance of the Consideration (without giving effect to any concurrent financing by the Company). In arriving at our opinion, we have, among other things: (i) reviewed certain publicly available business and financial information, including publicly available research analysts’ financial forecasts, relating to the Company; (ii) reviewed certain internal information relating to the business, earnings, cash flow, assets, liabilities and prospects of the Targets furnished to us by the respective Targets, including financial forecasts provided to or discussed with us by the management of the respective Targets and subsequently modified by management of the Company; (iii) reviewed certain internal information relating to the business, earnings, cash flow, assets, liabilities and prospects of the Company furnished to us by the Company, including financial forecasts provided to or discussed with us by the management of the Company; (iv) reviewed certain internal information relating to cost savings, synergies and related expenses expected to result from the Transaction (the “ Expected Synergies”) and certain other pro forma financial effects expected to result from the Transaction furnished to us by the Company; (v) conducted discussions with members of the senior managements and representatives of the Company and the Targets concerning the information described in clauses (i)–(iv) of this paragraph, as well as the businesses and prospects of the Targets and the Company generally; (vi) reviewed the reported prices and trading activity for the Company Shares; (vii) reviewed publicly available financial and stock market data of certain other companies in lines of business that we deemed relevant; (viii) reviewed a draft, dated December 16, 2024, of the WholesomeCo Agreement; (ix) reviewed a draft, dated December 17, 2024, of the Proper Agreement; (x) reviewed a draft, dated December 16, 2024, of the Deep Roots Agreement; (xi) reviewed a draft, dated December 12, 2024, of the Bill’s Nursery Agreement; (xii) reviewed an executed version of the Bill’s Nursery MOU; (xiii) participated in certain discussions and negotiations among representatives of the Company and the Targets and their respective advisors; and (xiv) conducted such other financial studies and analyses and took into account such