TerrAscend settles $20M USD and CAD 93.7M debt with Canopy USA; issues exchangeable shares and warrants

TerrAscend Corp.

Extinguished $20M USD non-convertible debenture from Arise Bioscience and CAD 80.5M + CAD 13.2M obligations from TerrAscend Canada.
Cancelled existing TerrAscend warrants to purchase 22,474,130 common shares at CAD $3.74-$17.19.
Issued 24,601,467 new exchangeable shares (exchangeable 1:1 for common upon federal legalization or exchange policy change).
Issued new warrants to purchase 22,474,130 common shares at CAD $3.74-$17.19, expiring December 31, 2032.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

TerrAscend Corp. entered into Debt Settlement Agreement with Canopy USA, LLC, Canopy USA I Limited Partnership and Canopy USA III Limited Partnership (effective 2022-12-09).

Action: entry
Agreement: settlement
Counterparty: Canopy USA, LLC, Canopy USA I Limited Partnership and Canopy USA III Limited Partnership
Effective: 2022-12-09

Exact text from the filing

On December 9, 2022, TerrAscend Corp., an Ontario corporation (“TerrAscend”), Arise Bioscience, Inc. (“Arise”), a Delaware corporation and a wholly-owned subsidiary of TerrAscend and TerrAscend Canada Inc. (“TerrAscend Canada”), an Ontario corporation and wholly-owned subsidiary of TerrAscend (collectively, the “Debt Issuers”), entered into a Debt Settlement Agreement (the “Debt Settlement Agreement”) with Canopy USA, LLC (“Canopy USA”), Canopy USA I Limited Partnership and Canopy USA III Limited Partnership (collectively, the “Canopy USA Entities”)

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TerrAscend Corp. filing history →

Source: SEC EDGAR

accession 0000950170-22-026270

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