LAS VEGAS, NV / ACCESSWIRE / December 20, 2021 / PRESS RELEASE / Planet 13 Holdings Inc. and Next Green Wave Holdings Inc. have announced that they have entered into a definitive arrangement agreement (the “Agreement”) pursuant to which Planet 13 will acquire all of the issued and outstanding common shares (the “NGW Shares”) of NGW, by way of a court approved plan of arrangement, for total consideration of approximately C$91 million (the “Transaction”).

Proposed Transaction

Under the terms of the Agreement and based on pricing as of Dec. 17, 2021, shareholders of Next Green Wave (“NGW Shareholders”) will receive 0.1081 of a common share of Planet 13 (the “Exchange Ratio”) subject to calculations as described below, and $0.0001 in cash, for each NGW Share held. Based on Planet 13’s 10-day volume weighted average price (“VWAP”) and the Exchange Ratio as at Dec. 17, 2021, the implied deal price per NGW Share is C$0.465, representing a premium of approximately 52% to the closing price and 44% to the 10-day VWAP of NGW Shares on the Canadian Securities Exchange (the “CSE”) as of Dec. 17, 2021. The Exchange Ratio is subject to adjustment as follows:

If the 10-day VWAP of Planet 13 common shares

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