OG DNA Genetics announced this morning that it will complete its previously announced business combination with that of Generic Gold Corp (CSE: GGC) resulting in DNA Genetics becoming a listed issuer. The firm will be listed as “OG DNA Holdings Inc” on the Canadian Securities Exchange.
Little information was provided by the two firms within the news release. While OG DNA will become the resulting issuer, and current shareholders will receive GGC shares on a one-for-one basis upon the listed issuer consolidating its shares, its unknown what the final share structure will look like in terms of share count. What is known, is that the firm will have a dual share class structure due to US legislation and ownership rules.
Upon completion of the business combination, the firm will be helmed by Charles Phillips, Chief Executive Officer, Don Morris, Chief Cannabis Officer and Aaron Yarkoni, Chief Research Officer. The firm is expected to have seven directors, all of whom will be nominated by DNA Genetics, however individuals have yet to be named.
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The news follows this mornings announcement that Bruce Linton will be taking an activist investor role within OG DNA Genetics.
DNA Genetics was founded in 2004 in Amsterdam by Don Morris and Aaron Yarkoni. The firm is focused on providing quality genetics and SOP’s for genetic selection, breeding, and cultivation. The firm currently has partnership in place within Canada and Jamaica through that of Canopy Growth Corp (TSX: WEED) (NYSE: CGC).
The business combination between OG DNA Genetics and Generic Gold Corp is expected to close in the fourth quarter of the current fiscal year.
Information for this analysis was found via Sedar and OG DNA Genetics. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
