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Ayurcann terminates SPAC deal, citing regulatory filing failures

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1 month ago

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Canadian cannabis manufacturer Ayurcann Holdings Corp. (CSE: AYUR) (OTCQB: AYURF) terminated its planned business combination with Arogo Capital Acquisition Corp. (NASDAQ: AOGO), a special purpose acquisition company, citing failures to meet key regulatory requirements.

The Ontario-based company sent Arogo a termination letter stating the SPAC failed to fulfill covenants related to stock exchange listing and public filings, according to a statement Thursday. Under the termination agreement, Arogo is required to pay Ayurcann a $250,000 fee, though Ayurcann noted it “disputes any payment demand from Arogo in connection with the termination.”

The deal’s collapse comes less than five months after the companies announced plans to combine in a transaction that valued the merged entity at approximately $210 million. The proposed merger also would have given Ayurcann access to up to $19.6 million in cash.

Ayurcann has worked to expand its presence in Canada’s cannabis market, focusing on extraction services and branded products. The company reported revenue of C$25.2 million for fiscal 2024, up 101% from C$12.5 million the previous year, according to filings. However, it posted a net loss of nearly C$4 million for the latest fiscal year.

The termination follows a pattern of challenged cannabis SPAC deals amid broader market volatility and sector-specific headwinds. Ayurcann’s working capital deficit grew to C$2.1 million as of June 30, versus C$706,437 a year earlier, filings show.

Ayurcann’s announcement comes just a day after Arogo initiated its own claim that the transaction had been terminated, demanding the same $250,000 fee that Ayurcann now seeks to collect.



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The Daily Hit: November 21, 2024

Published

1 month ago

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November 22, 2024

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The Daily Hit is a recap of the top financial news stories for Thursday, November 21, 2024.

On the Site

Cannabis stocks up briefly Thursday before plunging on Gaetz withdrawal

The potential appointment of a pro-cannabis attorney general had boosted sentiment among cannabis investors.

Read more here.

Agrify gets $26M lifeline as GTI’s Kovler eyes extraction, hemp biz

Kovler has previously cited the GTI’s interest in Agrify’s extraction division.

Read more here.

Ayurcann terminates SPAC deal, citing regulatory filing failures

Arogo also initiated its own claim that the deal had been terminated, demanding the same $250,000 fee.

Read more here.

Earnings:

In Other News

Kentucky

Kentucky Gov. Andy Beshear announced Thursday that patients can start seeing doctors to get their written certifications for cannabis cards on Dec. 1.

Read more here.

Slang Worldwide

Highline Financial Group LLC has been named as the receiver of the assets, undertakings and property of certain Colorado subsidiaries of Slang Worldwide. The company also received a conditional extension of its waiver and support agreement.

Read more here.

Lifeist Wellness

Lifeist Wellness named Andrea Judge as chief executive officer, effective immediately. Judge has served as CEO of Lifeist’s subsidiary Mikra Cellular Sciences since July.

Read more here.



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Author: mscannabiz.com

MScannaBIZ for all you Mississippi Cannabis News and Information.

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Alabama

The Daily Hit: June 27, 2024

Published

6 months ago

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June 28, 2024

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News from: Parallel, Ayurcann, Virginia, Alabama, and more.

The Daily Hit is a recap of the top financial news stories for Thursday, June 27, 2024.

On the Site

Parallel settles New York lawsuit, but more litigation still looms

The drawn-out process that ultimately led to the settlement was criticized by a Manhattan judge.

Read more here.

Ayurcann to merge with Arogo Capital Acquisition Corp.

Following the deal’s close, the number of shares will be consolidated down from about 260 million to 26 million.

Read more here.

Virginia delays medical license decision for Shenandoah region

The CCA has not provided a new timeline for the decision.

Read more here.

Alabama’s medical marijuana program mired in more delays

The program has languished in litigation limbo for some time now.

Read more here.

Delaware moves a step closer to recreational marijuana sales

Activists pushed back against the bill, calling it a “corporate giveaway.”

Read more here.

Michigan bans coconut oil in cannabis vapes

Growing evidence suggests the oil may pose health risks when vaporized or aerosolized into the lungs.

Read more here.

In Other News

AFC Gamma

AFC Gamma’s previously announced spin-off of its commercial real estate portfolio is expected to be completed on July 9. The portfolio will spin-off into a new independent, publicly-traded REIT, Sunrise Realty Trust,.

Read more here.

4Front Ventures Corp.

4Front Ventures Corp. entered into an agreement with Eight Capital as lead agent and sole bookrunner to act as agents on a “best efforts” basis to sell up to 47.62 million units of the company at a price of C$0.105 per unit for gross proceeds of up to C$5,000,100.

Read more here.

cbdMD

cbdMD announced the publication of the company’s human clinical trial data demonstrating the benefits of its proprietary broad spectrum CBD blend. The data was published in the Journal of the International Society of Sports Nutrition.

Read more here.



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Ayurcann

The Daily Hit: May 28, 2024

Published

7 months ago

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May 28, 2024

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News from: New York Office of Cannabis Management, New Hampshire, Weedmaps, and more.

The Daily Hit is a recap of the top financial news stories for Tuesday, May 28, 2024.

On the Site

Top New York cannabis regulator resigns following rift with governor

The OCM executive director was supposed to remain on the job until Sept. 1, and it’s not clear now who will lead the agency going forward.

Read more here.

New Hampshire Senate approves recreational cannabis, but big hurdles remain

A key difference between the state Senate and House versions is who will own and operate the stores: government or private operators.

Read more here.

Weedmaps revenues fall as industry faces tightened marketing budgets

Weedmaps saw some metrics improve as it cut its non-paying clients.

Read more here.

Ayurcann losses contract on growing revenue in fiscal Q3

Though profitability continues to elude Ayurcann, the company made significant year-over-year progress.

Read more here.

Entourage Health sees revenues rise despite financial pressure

Entourage Health remains in breach of some financial covenants and is a going concern.

Read more here.

In Other News

Cronos Group

Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) terminated its agreement with Future Farmco Canada Inc. for the sale and leaseback of its property located in Stayner, Ontario. Future Farmco failed to satisfy or waive its due diligence and financing condition by its May 27 deadline.

Read more here.

Innocann Pharma

Israel and Canada-based Innocan Pharma Corp. (CSE: INNO) (OTC: INNPF) reported first-quarter revenue of $6.8 million, compared to $1.6 million in the first quarter of 2023.

Read more here.



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MScannaBIZ for all you Mississippi Cannabis News and Information.

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