Company: VREOF
Filing Date: 2025-03-21
Form Type: DEFM14C
Source: 0001140361-25-009815
Chunk: 157

Company: Vireo Growth Inc.
Filing Date: 2025-03-21
Form: DEFM14C
Chunk 157
---
 Deep Roots granting the Company an exclusivity period through November 30, 2024, as well as a mutual confidentiality obligation. The final MOU also continued to provide for consideration to Deep Roots stockholders payable in Company Subordinate Voting Shares, the amount of which would be determined in part upon the basis of a multiple of 4.175 times Deep Roots’ EBITDA, as well as an earn-out and forfeiture mechanic in relation to post-closing performance of Deep Roots.

Following execution of the Deep Roots MOU, the Company, Chicago Atlantic and Wholesome discussed and agreed upon using the Deep Roots MOU as the revised base MOU for the Wholesome transaction. From that date until August 31, 2024, the Company, Chicago Atlantic and Wholesome continued to exchange drafts of and negotiate the MOU. On August 31, 2024, the Company and Wholesome executed the non-binding (with certain exceptions) MOU. Binding portions of the MOU included Wholesome granting the Company an exclusivity period through November 30, 2024, as well as a mutual confidentiality obligation. The final MOU also provided for consideration to Wholesome stockholders payable in Company Subordinate Voting Shares, the amount of which would be determined in part upon the basis of a multiple of 4.175 times Wholesome’s EBITDA, as well as an earn-out and forfeiture mechanic in relation to post-closing performance of Wholesome. The Company, Chicago Atlantic and Proper also discussed and agreed that the definitive agreement draft for the potential transaction with Proper would largely supersede the terms in the executed MOU with Proper and include updated structural and certain other terms to be more consistent with the Deep Roots MOU.

On September 4, 2024, a diligence kick-off call took place between the Company, Chicago Atlantic, Deep Roots, Dorsey and Moelis. Also on that day, Deep Roots’ virtual data room was opened to facilitate the exchange of due diligence and transaction related materials.

On September 9, 2024, a diligence kick-off call took place between the Company, Chicago Atlantic, Wholesome, Dorsey and Moelis. Also on that day, Wholesome’s virtual data room was opened to facilitate the exchange of due diligence and transaction related materials.

On September 10, 2024, the Board met. In attendance were members of the Company’s management as well as representatives of Dorsey and Moelis. At such meeting