---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-026121"
form_type: "8-K"
ticker: "VREOF"
cik: "0001771706"
company_name: "Vireo Growth Inc."
filed_at: "2025-03-20T23:59:59+00:00"
generated_at: "2026-05-24T10:29:47.437061+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Vireo Growth amends merger agreements for Proper, Deep Roots, Wholesome; shareholders approve deals

## Summary
- Amendments adjust earnout calculation (greater of $37.5M or 5x revenue minus $4M) and soften forfeiture triggers.
- Majority shareholders (51.5% voting power) approve mergers, share issuance at $0.52, and RSU grants to CEO/CFO.
- Proper merger forfeiture now triggered solely by EBITDA shortfall of $31M; market share/EBITDA margin conditions removed.
- CEO Mazarakis granted 19M time-based and 19M performance-based RSUs; CFO Macdonald receives 9.5M each.
- Deep Roots and Wholesome amendments clarify no additional shares from surviving companies, except for conversion.

## SEC filing metadata
- accession: 0001104659-25-026121
- form_type: 8-K
- ticker: VREOF
- cik: 0001771706
- company_name: Vireo Growth Inc.
- filed_at: 2025-03-20T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 5.07, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1771706/000110465925026121/0001104659-25-026121-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1771706/000110465925026121/tm259282d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-026121
- JSON: https://secwatch.observer/filing/0001104659-25-026121.json
- Plain text: https://secwatch.observer/filing/0001104659-25-026121.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.