Kiaro Holdings Completes Go Public, Expects To Begin Trading October 19

Kiaro Holdings Corp (TSXV: KO) has completed its qualifying transaction with respect to the reverse acquisition by Kiaro Brands, a cannabis retailer and distributor in the provinces of Saskatchewan and British Columbia. The completion of the transaction follows a consolidation of shares as well as the issuance of new shares to Kiaro Brands shareholders.

As of October 13, the shell that was acquired by Kiaro completed the consolidation of shares, resulting in a total of 20,416,663 common shares being left outstanding. A number of shares were then issued, as follows:

• 107,993,707 post-consolidation shares were issued to shareholders of Kiaro Brands in connection with the acquisition of the company by the public entity.
• 45,155,309 post-consolidation shares were issued to holders of certain convertible securities of Kiaro upon completion of the qualifying transaction.

As a result, it is believed that a total of 173,565,679 post-consolidation shares are currently outstanding.

A number of those issued shares are subject to escrow conditions however, as follows:

• 48,826,752 are subject to escrow, with 10% released at the time of the final exchange bulletin, and an additional 15% released on each 6 month anniversary thereafter until all shares are released.
• 6,547,912 shares from the capital pool company (aka, the shell) are subject to escrow, with 10% released at the time of final exchange, and 15% released on every 6 month anniversary thereafter.
• 5,174,510 shares from former shareholders of Kiaro Brands are subject to escrow conditions under seed share resale restrictions. 10% will be released at the time of the final exchange bulletin, with 15% released on every 6 month anniversary thereafter.
• 44,488,925 shares are subject to pooling restrictions, with 20% of the pooled shares released on the listing date of the common shares, with an additional 20% released on every 6 month anniversary thereafter.

The common shares of Kiaro are expected to begin trading on October 19, 2020.

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Information for this briefing was found via Sedar and Kiaro Holdings. 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.