Lifeist terminates purchase agreement for Australian Vaporizers; Flora contests termination

ZeroStack Corp.

Lifeist Wellness Inc. terminated the Sale and Purchase Agreement dated September 17, 2023 to acquire Australian Vaporizers Pty Ltd.
Lifeist cited shareholder threats of legal/regulatory action as reason for inability to satisfy closing condition precedent under Section 6.5.1.
Flora Growth Corp. believes the termination is invalid and intends to contest it vigorously.
The Purchase Agreement was originally reported on Form 8-K filed September 18, 2023.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

ZeroStack Corp. terminated Sale and Purchase Agreement with Lifeist Wellness Inc. valued at Purchase agreement for acquisition of Australian Vaporizers Pty Ltd. common shares (effective 2023-10-20).

Action: termination
Counterparty: Lifeist Wellness Inc.
Value: Purchase agreement for acquisition of Australian Vaporizers Pty Ltd. common shares
Effective: 2023-10-20

Exact text from the filing

October 20, 2023, Lifeist delivered a notice to the Company purporting to terminate the Purchase Agreement (the " Notice ") as a result of a purported inability to satisfy the condition precedent to closing set forth in Section 6.5.1 of the Purchase Agreement due to threats by shareholders of Lifeist to take legal or regulatory action to prohibit the completion of the transaction.

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Source: SEC EDGAR

accession 0001062993-23-019672

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