SOL Global Investments Corp. reports developments tied to its role as an institutional investment company in the cryptocurrency and blockchain ecosystem. The company focuses on public-market exposure to Solana and related blockchain technologies through token acquisitions, staking strategies, and investments in early-stage ventures developing blockchain-based solutions.
Recurring company updates cover digital-asset investment strategy, portfolio-company activity such as McQueen Labs, capital-structure actions including debt settlements and warrant terms, governance and executive changes, and the trading status of its common shares on the CSE, FSE, and OTC Markets under SOLCF.
SOL Global Investments Corp. has completed a $4 million investment in Fyllo as part of the company's $30 million Series B funding round. This investment reflects SOL's commitment to the cannabis and compliance technology sectors. With this funding, SOL Global now holds approximately 3.5% ownership in Fyllo, a leader in digital marketing and compliance for regulated industries. Fyllo's suite of services is increasingly sought after by mainstream brands targeting cannabis consumers. Despite challenges from COVID-19, SOL Global remains optimistic about its growth and portfolio performance.
SOL Global Investments Corp. (CSE: SOL, OTCPK: SOLCF) reports significant financial recovery for the year ended November 30, 2020, achieving a net income of $98 million, compared to a $103 million loss in 2019 — a positive shift of $201.4 million. Investment gains totaled $139 million, up from a $113.2 million loss the previous year. NAV per share rose to $3.51 from $1.70. Looking ahead, estimated NAV for Q1 2021 is projected between $6.40 and $7.80. SOL Global continues to navigate challenges due to the COVID-19 pandemic, maintaining confidence in its operational resilience.
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.