Company: VREOF
Filing Date: 2025-05-12
Form Type: 8-K
Source: 0001104659-25-047350
Chunk: 2

Company: Vireo Growth Inc.
Filing Date: 2025-05-12
Form: 8-K
Item: Item 2.01
Chunk 2
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Item 2.01.      Completion of Acquisition or Disposition of Assets  

As previously announced, on December 18, 2024, Vireo, Merger Sub, Wholesome,
and Representative entered into the Merger Agreement. On May 12, 2025 (the “ Closing Date”), Vireo completed its previously
announced acquisition of Wholesome pursuant to a merger whereby Merger Sub merged with and into Wholesome (the “ Merger”).
Capitalized terms used herein without a definition have the meanings given to such terms in the Merger Agreement.

In connection with the Merger, Wholesome became a wholly owned subsidiary
of Vireo. Pursuant to the Merger Agreement, on the Closing Date, Vireo issued 120,806,952 (the “ Closing Share Payment”) of
Vireo’s subordinate voting shares (the “ Parent Shares”). The number of Parent Shares issued as the Closing Share Payment
was equal to the amount of the Estimated Closing Merger Consideration divided by US$0.52, less 13,423,034 Parent Shares (representing
10% of the aggregate number of Parent Shares issued as part of the Estimated Closing Merger Consideration), which were delivered to Odyssey
Trust Company in its capacity as escrow agent. The Parent Shares issued pursuant to the Merger Agreement are subject to a post-closing
purchase price adjustment with respect to certain of the estimated items included in the Estimated Closing Merger Consideration, and the
Wholesome stockholders are also eligible to receive additional Parent Shares pursuant to certain earn-out payments as described in the
Merger Agreement and summarized below.

Pursuant to rules adopted by the Securities and Exchange Commission
(the “ SEC”) under the Securities Exchange Act of 1934, as amended (the “ Exchange Act”), a Schedule DEFM 14C information
statement was prepared by the Company and filed with the SEC and mailed to the shareholders of the Company on March 21, 2025 relating
to the Merger (the “ Information Statement”).

The consideration
paid to acquire Wholesome was based in part on the product of an Acquisition Multiple of 4.175% multiplied by the Closing EBITDA of $16,000,000
and a US$0.52 share reference price for the Parent Shares. For more information on the calculation of the Closing Merger Consideration
and the Total Merger Consideration, please see the disclosures regarding the Mer