Company: VREOF
Filing Date: 2025-03-21
Form Type: DEFM14C
Source: 0001140361-25-009815
Chunk: 252

Company: Vireo Growth Inc.
Filing Date: 2025-03-21
Form: DEFM14C
Chunk 252
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 pro forma condensed combined statement of operations is based upon the pro forma number of shares of Vireo stock outstanding, assuming the Proper Mergers and related transactions occurred on January 1, 2024. Adjustments to Unaudited Pro Forma Condensed Combined Balance Sheet The pro forma adjustments included in the unaudited pro forma condensed combined balance sheet as of December 31, 2024 are as follows:

| A | Represents Vireo’s total estimated transactions costs of $2,575,636, which include advisory, banking, legal and due diligence fees that will be expensed as part of the Proper Mergers. Of the total estimated transaction costs, $1,126,000 has been incurred and is therefore and reflected within Vireo’s December 31, 2024 historical financial statements as follows: $648,645 recorded in ‘Accounts payable and accrued liabilities’ and $477,355 already paid in cash. The remaining $1,449,636 of estimated transaction costs are expected to be incurred after December 31, 2024 (refer to adjustmentAAfor the impact of these additional estimated transaction costs). The remaining unpaid amount of $2,098,281 (consisting of the $648,645 transaction costs accrued as of December 31, 2024 and $1,449,636 expected to be incurred after December 31, 2024) will be paid in cash at the close of the Proper Mergers. |

| B | Represents the following preliminary adjustments related to applying the acquisition method of accounting given the Proper Mergers are being accounted for as a business combination under Accounting Standards Codification (“ASC”) Topic 805,Business Combinations(“ASC 805”): |

| B1 | Represents adjustments related to (1) the estimated preliminary purchase price allocation for the Proper Mergers, including the issuance of Vireo’s Subordinated Voting Shares to Proper as consideration transferred and (2) the recognition of acquired intangible assets and goodwill of $51,595,614. Refer to the table in Note 4 below for additional information related to these adjustments. |

| B2 | Represents the elimination of the Proper Companies’ historical equity as a result of the business combination by reclassifying the Proper Companies’ ‘Member’s equity’ balance of $30,337,678 to Additional paid-in capital. |

| C | Not used. |

| D | Not used. |

| E | Represents an assumed fair value of the contingent consideration for the potential forfe