Hollister Biosciences Signs LOI to Acquire Mushroom Firm

Hollister Biosciences Inc. (CSE: HOLL) has signed a letter of intent to to acquire Alphamind Brands for an approximate purchase price of CDN $1.2 million.

As per the letter of intent which was signed on March 9, 2020, Hollister will purchase Alphamind Brands for a price of CDN $1.2 million in the form of the company’s common stock. That stock price will be set at the the 14-day volume weighted average price prior to the announcement of the transaction. Each company is to also subject to successful completion of due diligence.

As per the acquisition agreement, Hollister will not be adjusting any executive positions or board member positions as of current, nor will the company be taking on long-term debt to fulfill the transaction.

Alphamind Brands is a junior company focused on its portfolio expansion of various legalized mushroom health and wellness products in addition to rigorous research and development initiatives.

Hollister Biosciences Inc is a California-based medical cannabis manufacturer, and is currently trading at $0.08 on the CSE.

Information for this briefing was found via Sedar and Hollister Biosciences Inc. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.