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iAnthus to go before court for final approval of plan of arrangement
Chicago, Sept. 18 – iAnthus Capital Holdings, Inc. will go before the Supreme Court of British Columbia at 1 p.m. ET on Sept. 25 for final court approval of its court-approved plan of arrangement, according to a press release.
Secured noteholders and unsecured debentureholders have the right to appear at the hearing if they have filed a response no later than 7 p.m. ET on Sept. 21 in the form prescribed by the court and delivered a copy to iAnthus via counsel.
Earlier in September, at the meeting of the secured holders all of the votes cast by secured holders at the meeting were in favor of the plan of arrangement.
Similarly, at the meeting of unsecured debentureholders all of the votes cast by unsecured debentureholders were in favor of the plan of arrangement.
There was also an equityholders meeting where holders of the company’s options, shares and warrants voted 79% in favor of the plan. In addition, 66.3% of holders of common shares voted for the plan.
As previously reported, 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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