YUENGLING'S ICE CREAM CORPORATION PickleJar Holdings, Inc. executed a binding letter of intent to acquire Yuengling's Ice Cream Corporation (OTCPK:YCRM) in a reverse merger transaction on August 28, 2023. The entity resulting from the Proposed Transaction will continue to carry on the business of PickleJar. Under the terms of the LOI, PickleJar is expected to hold a majority stake in the post-Business Combination entity whose share capital will be listed on the OTC exchange.
Yuengling and PickleJar intend to enter into a definitive agreement pursuant to which Yuengling and PickleJar would combine. The proposed transaction includes changing the Company name to PickleJar Entertainment Group. Following the closing of the business combination, PickleJar?s co-founder Jeffrey James will continue as chief executive officer and co-founder Kristian Barowsky will continue as President.
As a condition to the closing of the Business Combination, the then Board of Directors and executive officers of Yuengling?s will appoint new members of the Board of Directors and new executive officers to replace them, as designated in writing by PickleJar, and resign simultaneously. Yuengling?s anticipates announcing additional details at the time of execution of the definitive agreements (?Definitive Agreements?) for the Business Combination in the coming weeks subject to the completion of due diligence, the negotiation of the Definitive Agreements, approval of the transaction by the board and shareholders of both Yuengling?s and PickleJar, as well as regulatory approvals and other customary conditions. The transaction is expected to close on or before September 30, 2023.
