Eat & Beyond Global Holdings Inc. (“EATS”) has announced the completion of the arrangement previously announced on January 24, 2022 under the Business Corporations Act (British Columbia), pursuant to which EATS acquired all of the issued and outstanding common shares of Mylk Brands Inc. (“Mylk”). The Arrangement was overwhelmingly approved by the shareholders of Mylk in accordance with the requirements of the BCBCA at a special meeting of the Mylk Shareholders held on March 8, 2022, and was subsequently approved by the Supreme Court of British Columbia on March 11, 2022.
Pursuant to the terms of the Arrangement, each common share in the capital of Mylk has been exchanged for common shares in the capital of EATS, being the number of EATS Shares equal to the quotient of (i) $11,500,000 divided by the deemed price of $0.52 per Common Share, divided by (ii) the number of Mylk Shares outstanding immediately prior to closing of the Arrangement (the “Exchange Ratio”). In completing the acquisition, EATS has issued 22,115,310 EATS Shares to former Mylk Shareholders. Following completion of the Arrangement, EATS has beneficial ownership and control over 100% of the issued and outstanding Mylk Shares.
A direct registration statements (“DRS Statement”) representing the EATS Shares each former holder of Mylk Shares is entitled to received under the Arrangement will be delivered by Olympia Trust Company, the transfer agent of the Company, to the address of such holder as shown on the register of Mylk Shares.
Mylk, a British Columbia corporation, is the sole shareholder of Fresh Start Beverage Company d/b/a Banana Wave. Banana Wave is based in Boca Raton, Florida. Banana Wave’s beverages are made from fiber-rich oats and real bananas. They are available in five different flavours: original, unsweetened original, mango, chocolate, and strawberry. All varieties are dairy-free, gluten-free, soy-free, and non-GMO with 65 to 90 calories, and contain Vitamin B2, Vitamin B12. Vitamin C and Vitamin E.
EATS is an investment issuer that makes it easy to invest in the future of food. EATS identifies and makes equity investments in global companies that are developing and commercializing innovative food tech as well as plant-based and alternative food products. Led by a team of food industry experts, EATS is the first issuer of its kind in Canada, providing retail investors with the unique opportunity to participate in the growth of a broad cross-section of opportunities in the alternative food sector, and access companies that are leading the charge toward a smarter, more secure food supply.
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