Gallagher Security Corp. cancelled the acquisition of a 50% stake in MyCelium Warehouse Ltd for $0.75 million.
The transaction is conditional upon, (i) the parties will have received all necessary regulatory and third-party consents, approvals and authorizations as may be required in respect of the transaction, including, but not limited to, acceptance of the transaction by the Exchange; (ii) completion of due diligence to the satisfaction of the parties; (iii) completion of audited financial statements of MyCelium; (iv) approval by the board of directors of each of the company and MyCelium to the final terms and conditions of the transaction as set forth in the Definitive Agreement and all other necessary matters related thereto prior to the signing of the Definitive Agreement; and (v) shareholder approval (as required) of the transaction. Upon completion of the transaction, the resulting entity will carry on the business currently conducted by MyCelium and will cease to carry on the business currently being conducted by the company. The Board of Directors of the company shall be restructured through resignations and appointments, so that it shall consist of four directors with MyCelium selecting two board members and the company selecting two board members. There can be no assurance that the potential transaction with MyCelium will be completed.
Gallagher Security Corp. (CNSX:GLL) cancelled the acquisition of a 50% stake in MyCelium Warehouse Ltd for $0.75 million on April 11, 2022.