Welcome to our dedicated page for Sol Global Investments news (Ticker: SOLCF), a resource for investors and traders seeking the latest updates and insights on Sol Global Investments stock.
SOL Global Investments Corp. (SOLCF) generates frequent news as it refines its role as an institutional investment company in the cryptocurrency and blockchain ecosystem. Company announcements emphasize its focus on blockchain tokens, particularly Solana, and on early-stage ventures built on blockchain infrastructure.
News items for SOL Global often cover its strategic positioning in the Solana ecosystem, including updates on token acquisitions and portfolio composition. The company has reported a reorganization in which it transferred non-Solana assets and certain liabilities into a separate vehicle, leaving Solana assets and an equity interest in that vehicle as its primary holdings. Releases also describe financing activities, such as private placements of convertible debentures and warrants, and transactions involving the issuance of common shares to settle indebtedness.
Corporate governance and leadership developments are another recurring theme. SOL Global has announced changes to its board of directors and executive team in connection with its strategic shift toward digital asset and blockchain sectors. These updates are presented as part of aligning its governance with a focus on cryptocurrency, decentralized finance, and blockchain-related investments.
In addition, the company issues news about its portfolio companies and related digital asset initiatives. For example, it has provided updates on McQueen Labs Inc. (MCQ Markets), a portfolio company that operates a platform for exposure to rare cars and is pursuing a digital asset roadmap. Investors following SOLCF news can review these releases to track how the company describes its evolving strategy, capital structure decisions, and involvement in blockchain-focused ventures.
SOL Global Investments Corp. has made a significant investment of CAD$6.1 million in Damon Motorcycles, an innovator in electric motorcycles, which raised USD$30 million in a recent financing round. Following this investment, SOL Global holds approximately a 5% stake in Damon, valued at CAD$114 million. Damon’s motorcycles are equipped with advanced safety features and offer a subscription purchase model. SOL Global continues to adapt amidst COVID-19 challenges, maintaining operations in the cannabis sector through various strategic initiatives.
SOL Global Investments Corp. announced a normal course issuer bid (NCIB) to repurchase up to 2,737,805 common shares, about 5% of its outstanding shares, due to their belief that the market price does not reflect the company's underlying value. The NCIB is set to commence on March 31, 2021. The Company plans to appoint Clarus Securities as its broker for the buyback. This initiative is part of SOL Global's strategy to enhance shareholder value, with the 2020 financial results expected to be released on March 29, 2021.
SOL Global Investments Corp. has filed a U.S. complaint against its offshore hedge fund lender, 1235 Fund LP, over repayment terms concerning a $50 million non-convertible debenture. The issuer seeks to clarify that repayment must be made in cash and not in shares of Verano Holdings or Harvest Health, following a failed transaction involving these companies. The hedge fund initiated litigation in Ontario, claiming damages exceeding $550 million. SOL Global plans to respond legally and asserts it can repay the debenture in cash.
SOL Global Investments has divested 16,891,749 common shares and 6,450,000 warrants of Bluma Wellness Inc. for a total consideration of US$23,341,749. This sale occurred on February 12, 2021, reducing SOL Global's ownership below 10% in Bluma, thus exempting it from further early warning reports. Despite the divestment, SOL retains a 33% indirect interest in Bluma. The move aligns with regulatory compliance regarding investments in Florida's medical marijuana sector. Upcoming arrangements involve Cresco Labs Inc., aiming for strategic growth.
SOL Global Investments Corp. has announced major developments in its investment portfolio. Notably, Verano Holdings has executed a merger agreement to go public in Canada via a reverse takeover of Majesta Minerals. This is expected to significantly enhance SOL Global’s net asset value. Additionally, the company is pursuing litigation against its lender regarding repayment terms related to a $50 million debenture. SOL Global plans to divest its stake in Bluma Wellness for approximately $23 million to comply with regulations while retaining a minority interest.