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The Valens Company Inc. (TSX:VLNS) (NASDAQ:VLNS), announced that the Ontario Superior Court of Justice (Commercial List) has granted a final order approving the previously announced plan of arrangement with SNDL Inc. (NASDAQ:SNDL) under Section 192 of the Canada Business Corporations Act in accordance with the terms of the arrangement agreement between Valens and SNDL dated August 22, 2022.
Under the terms of the arrangement, Valens' shareholders will receive, for each common share of Valens, 0.3334 of a common share of SNDL. Based on the closing price of the SNDL shares on the Nasdaq Capital Market as at August 19, 2022, the consideration represents an implied value of CA$1.26 per Valens Share, for total consideration of approximately CA$138 million ($101.83 million).
Completion of the arrangement remains subject to certain other customary closing conditions as further described in the arrangement agreement, and, subject to the satisfaction or waiver of such closing conditions, the arrangement is expected to be completed during January 2023.
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