VEGN -- Bullish reversal on volume!
wealth_bakery Premium Updated
VEGN was trading above $1 not so long ago but was brought down by .20 financing paper. Bounced off oversold levels on increasing volume. Bullish MACD cross is a technical buy signal. Lots of room to run before hitting overbought levels.
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Plant&Co Announces Intention to Spin Out Cannabis Technology and Other Cannabis-Related Assets
Toronto, Ontario--(Newsfile Corp. - April 13, 2021) - Plant&Co. Brands Ltd. (CSE: VEGN) (FSE: VGP) (OTC PINK: VGANF) ("Plant&Co" or the "Company"), a modern health and wellness company curating delicious plant-based foods, is pleased to announce that it is proceeding with a corporate reorganization of assets by way of a plan of arrangement (the "Arrangement") to liberate the value of certain technology assets and its True Focus assets. Under the terms of the Arrangement currently being contemplated, the Company's technology business would be spun out as a separate publicly listed reporting issuer ("Newco").
"We have an opportunity to unlock additional shareholder value through the spinout of our cannabis related technology assets and other cannabis related assets into a public company," said Shawn Moniz, CEO of Plant&Co. "The new company will take ownership of cannabis related assets and the top tier cannabis clients, while Plant&Co will continue focus on expanding plant-based food products including Holy Crap breakfast cereals and YamChops franchise opportunities throughout North America."
Plant&Co plans to announce a record date in connection with the Arrangement in due course and anticipates the record date will occur within Q2 of 2021. It is expected that, upon closing of the Arrangement, each shareholder of the Company will receive common shares of Newco based on the amount of common shares of Plant&Co held on the record date.
There is no assurance that the Arrangement or the offering will proceed on these terms or at all. The Arrangement and the offering would be subject to customary approvals, including shareholder approval and regulatory approval, as applicable.