The acquisition was completed through Yooma’s wholly-owned subsidiary,
“The acquisition of N8 serves to further Yooma’s mission to build a global CBD and wellness platform,” said
“We are very pleased to be adding N8 to our global platform,” added Yooma’s Chief Executive Officer,
Transaction Details
The transaction was completed through an equity purchase agreement between Socati, Yooma, N8 and its equity holders dated
The Consideration Shares will be subject to a 28-month lock-up period, with one quarter of the Consideration Shares releasing from lock-up 10 months following the closing, and one quarter of the Consideration Shares releasing every 6 months thereafter. Key members of N8’s senior management have been retained and will continue to operate its business day-to-day.
About
Yooma's mission is to build a vertically-integrated global leader in the manufacturing, marketing, distribution, and sale of wellness products including hemp seed oil and hemp-derived and cannabinoid (CBD) ingredients. The company leverages strategically curated sales channels and ecommerce networks to deliver a diverse mix of wellness products through operating subsidiaries in the United States, United Kingdom, France and Japan. Learn more at www.yooma.ca.
Issuer Contact:
Email: jgreenberg@yooma.ca
Phone: 1-512-823-1678
Notice regarding Forward Looking Statements
All information included in this press release, including any information as to future financial or operating performance and other statements of Yooma that express management’s expectations or estimates of future performance or activities, other than statements of historical fact, constitute forward-looking information or forward-looking statements (collectively, “forward-looking statements”) within the meaning of applicable securities laws and are based on expectations, estimates and projections as of the date hereof. Forward-looking statements are included for the purpose of providing information about management’s current expectations and plans relating to the future. Wherever possible, words such as “will”, “intend”, “future”, “potential”, “plan”, “opportunities for”, “growing” or the negative of these words or other variations thereof, have been used to identify such forward-looking information. Specific forward-looking statements include, without limitation, all disclosure regarding future results of operations, economic conditions and anticipated courses of action, including statements about Yooma’s mission and strategic plan; any potential acquisitions under non-binding letters of intent; and the nature and focus of its business going forward.
There are many risks and uncertainties that may affect forward-looking statements including, among others, regulatory risk in each jurisdiction in which Yooma does or intends to operate; the uncertainties, effects of and responses to the COVID-19 pandemic; reliance on licenses; competition; dependence on senior management and key personnel; general business risk and liability; regulation of the CBD industry; changes in laws, regulations and guidelines; compliance with laws; limited operating history; unfavourable publicity or consumer perception; product liability, risks related to intellectual property; product recalls; difficulties with forecasts; management of growth; litigation; difficulties integrating new acquisitions into Yooma’s existing businesses and platform; the possibility that lock-up periods may be waived or released before expiring; and other matters which are beyond the control of Yooma. Although the forward-looking statements contained herein reflect management's current beliefs and reasonable assumptions based upon information available to management as of the date hereof, Yooma cannot be certain that actual results will be consistent with such forward-looking information. Yooma cautions you not to place undue reliance upon any such forward-looking statements. Yooma disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law. Nothing herein should be construed as either an offer to sell or a solicitation to buy or sell securities of Yooma.
Source:
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