Harvest Health & Recreation Inc. (“Harvest” or the “Company”) (CSE: HARV, OTCQX: HRVSF), a vertically integrated cannabis company and multi-state operator in the U.S., today announced it has elected to accelerate the expiry date of 8,484,047 outstanding subordinate voting share purchase warrants issued on October 28, 2020 (each whole subordinate voting share purchase warrant, a “Warrant”). Each outstanding Warrant is exercisable to acquire one subordinate voting share of the Company at an exercise price of Cd$3.05 per share, for aggregate proceeds of Cd$25,876,343.40 if all warrants are exercised.
Pursuant to the terms of the warrant indenture governing the Warrants, Harvest may accelerate the expiry date of the Warrants when the closing price of the subordinate voting shares on the Canadian Securities Exchange exceeds Cd$4.97 per share for a period of 10 consecutive trading days. Conditions for acceleration of the expiry date were met as of July 7, 2021. Accordingly, Harvest has chosen to accelerate the expiry date and time of the warrants to 2:00 PM (Vancouver time) on August 13, 2021. Any Warrants remaining unexercised after the accelerated expiry date will be cancelled. Notice of the accelerated expiry date was provided to Odyssey Trust Company, the warrant agent, and mailed to all registered holders of the Warrants on July 9, 2021, in accordance with the terms of the warrant indenture.