Fire & Flower plans forced conversion of its 8% convertibles due 2020

By Rebecca Melvin

New York, Feb. 11 – Fire & Flower Holdings Corp. said it has amended the indenture of its 8% convertibles due July 31, 2020 to provide for forced conversion in the event the common shares have a closing trading price of not less than C$0.70.

Concurrently with the amendments, the company has delivered a notice to force the conversion of all remaining principal amount of debentures and accrued and unpaid interest.

The company expects to issue 12,173,912 common shares, subject to adjustment to reflect the common shares issued in respect of the accrued and unpaid interest on the debentures.

The amendments were taken to eliminate interest payments associated with the debentures and remove the liabilities from the company’s balance sheet, according to a company news release.

Edmonton, Alta.-based Fire & Flower is a cannabis retailer.

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