iAnthus to hold meetings for security holders to vote on arrangement

By Wendy Van Sickle

Columbus, Ohio, Aug. 17 – iAnthus Capital Holdings, Inc. said meetings will be held for holders of its $60 million of 8% unsecured convertible debentures and the 13% senior secured convertible debentures issued by iAnthus Capital Management, LLC as authorized by the Supreme Court of British Columbia.

Additionally, a meeting will be held for holders of the company’s equity, options and warrants. In each case, the purpose of the meeting will be to consider and vote on a corporate plan of arrangement under the British Columbia Business Corporations Act to implement the previously announced recapitalization transaction, according to a news release issued on Monday.

If the recapitalization transaction is completed through the plan of arrangement, the existing holders of common shares at the time of completion will retain about 2.75% of the ownership of the common shares.

If the recapitalization transaction does not obtain the required support from the company's shareholders, the recapitalization transaction will be implemented through proceedings under the Companies' Creditors Arrangement Act.

If implementation of the recapitalization transaction occurs through the proceedings, existing shareholders will not retain any ownership of common shares or receive any recovery, and the common shareholder interest will instead be allocated equally as among the secured noteholders and the unsecured debentureholders.

iAnthus is an operator of cannabis cultivation, processing and dispensary facilities throughout the United States. It is based in New York and Toronto.

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