Company: VREOF
Filing Date: 2025-03-07
Form Type: PRE 14C
Source: 0001140361-25-007601
Chunk: 262

Company: Vireo Growth Inc.
Filing Date: 2025-03-07
Form: PRE 14C
Chunk 262
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 portion of the Proper Merger Consideration, subject to a post-closing purchase price adjustment mechanism, which consideration will be paid via newly issued shares of the Company’s Subordinate Voting Shares at a share price of $0.52.

At the Proper Closing Date, each share of the common stock of Proper MSA Newco (the “Proper MSA Newco Common Stock”) will be converted into the right to receive, in accordance with the terms of the Proper Merger Agreement, the applicable portion of the Proper Merger Consideration, subject to a post-closing purchase price adjustment mechanism, which consideration will be paid via newly issued shares of the Company’s Subordinate Voting Shares at a share price of $0.52.

Proper, as the sole holder of NGH Common Stock and Proper MSA Newco Common Stock, will also be eligible to receive additional Subordinate Voting Shares through an earn-out mechanism based upon the EBITDA performance of the Proper Companies and their subsidiaries (excluding Arches IP, Inc. (“Arches”)) during 2026 (the “Proper EBITDA Earn-Out Shares”), and the revenue performance of Arches, during 2026 (the “Proper E-Commerce Earn-Out Shares” and together with the Proper EBITDA Earn-Out Shares, the “Proper Earn-Out Shares”).

Wholesome Merger

On December 18, 2024, Vireo entered into an Agreement and Plan of Merger (the “Wholesome Merger Agreement), with Wholesome, where pursuant to the Wholesome Merger Agreement, Vireo will acquire all of the issued and outstanding shares of Wholesome (the “Wholesome Merger”) in exchange for the currently estimated issuance of 130,546,789 Subordinate Voting Shares of Vireo (subject to the clawback provisions of the Wholesome Forfeiture Amount, as defined below), representing a value of $60,051,523 (the “Wholesome Merger Consideration”), plus the potential Wholesome EBITDA Earn-Out Shares and Wholesome E-Commerce Earn-Out Shares, as defined below. The number of Subordinate Voting Shares to be issued at the closing date of the Wholesome Merger (the “Wholesome Closing Date”) was calculated by dividing the value of the merger consideration as of December 18,

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2024 by a share price reference of $0