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Instadose Pharma Corp. (OTC Pink: INSD) announced a Final Order from the Supreme Court of British Columbia on October 19, 2021, approving its proposed Plan of Arrangement. The arrangement will enable shareholders of Instadose Canada to receive 1.34 shares of common stock for each of their outstanding shares. This transaction is expected to close around November 15, 2021, marking the end of Instadose's status as a shell company. The final order confirms the procedural and substantive fairness of the arrangement to shareholders.
Instadose Pharma Corp. announced the results of its annual and special meeting held on October 14, 2021. Shareholders overwhelmingly approved the Arrangement Resolution for Instadose to acquire all outstanding shares of the company at a price of 1.34 per Share. A total of 132,155,241 shares were voted with significant support for the election of a six-member Board of Directors and the appointment of BF Borgers as auditors. The company will seek final court approval on October 19, 2021, for the transaction, which is expected to complete soon pending customary closing conditions.
Instadose Pharma Corp. announced a plan to acquire all outstanding shares of Instadose Pharma Corp., with shareholders receiving 1.34 shares of common stock for each existing share. The acquisition involves issuing 463,754,949 shares, which will transition the company from a shell entity to an operational firm. Instadose aims to develop a significant commercial platform for medicinal cannabis, enhancing supply for pharmaceutical companies. Shareholder approval is set for October 14, 2021, following an interim court order. Potential risks include shareholder disapproval and legal issues.
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