---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-26-055624"
form_type: "8-K"
ticker: "VREOF"
cik: "0001771706"
company_name: "Vireo Growth Inc."
filed_at: "2026-05-05T23:59:59+00:00"
generated_at: "2026-05-14T23:29:27.954209+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Vireo Growth to acquire FLUENT in all-stock deal; exchange ratio 0.0705359

## Summary
- FLUENT shareholders receive 0.0705359 Vireo shares per share; transaction structured as court-approved plan of arrangement under Ontario law.
- FLUENT generated ~$71.5M in Florida revenue in 2025; combined Florida platform to have ~74 stores and 144k sq ft cultivation/production canopy.
- US$30M of FLUENT senior secured debt equitized into shares that convert to Vireo shares at closing, reducing post-closing leverage.
- Transaction requires approval of 2/3 of FLUENT shareholders, court final order, and regulatory clearances; expected to close by March 31, 2027.
- Termination fee of $2M payable by FLUENT in certain scenarios; Vireo shares issued exempt from US registration under Section 3(a)(10).

## SEC filing metadata
- accession: 0001104659-26-055624
- form_type: 8-K
- ticker: VREOF
- cik: 0001771706
- company_name: Vireo Growth Inc.
- filed_at: 2026-05-05T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1771706/000110465926055624/0001104659-26-055624-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1771706/000110465926055624/tm2613484d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-26-055624
- JSON: https://secwatch.observer/filing/0001104659-26-055624.json
- Plain text: https://secwatch.observer/filing/0001104659-26-055624.txt

## Source-grounded claims
- claim_id: bff65e315a6e75142c472a47a25f088543f58b89
  claim: Vireo Growth Inc. entered into Arrangement Agreement with FLUENT Corp. (effective 2026-04-29).
  evidence_excerpt: Vireo Growth Inc. (“Vireo” or the “Company”) entered into an arrangement agreement (the “Arrangement Agreement”) with FLUENT Corp. (“FLUENT”), pursuant to which Vireo agreed to acquire all of the issued and outstanding shares of FLUENT by way of a court-approved plan of arrangement under Section 182 of the Business Corporations Act (Ontario)
  evidence_url: https://www.sec.gov/Archives/edgar/data/1771706/000110465926055624/0001104659-26-055624-index.htm

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