PINEAPPLE EXPRESS CANNABIS Co (PNXP): M&A transaction — Pineapple Express Cannabis acquires controlling interest in GROOVY via share exchange

PINEAPPLE EXPRESS CANNABIS Co

Exchanged 5M shares of PNXP common for 350M shares of GROOVY Series A Preferred, gaining >51% voting control.
GROOVY becomes a subsidiary of Pineapple Express; its blockchain PaaS uses NFT-based QR codes for cannabis supply chain.
Pineapple Express assumed certain outstanding convertible debt of GROOVY that converts into PNXP common stock.
Transaction closed March 5, 2025; shares issued under Section 4(a)(2) exemption from registration.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

PINEAPPLE EXPRESS CANNABIS Co completed an acquisition involving GROOVY Company, Inc. f/k/a Santo Mining Corp. for 5,000,000 shares of its common stock for 350,000,000 shares of Series A Preferred shares of GROOVY (closed 2025-03-05).

Action: acquisition
Counterparty: GROOVY Company, Inc. f/k/a Santo Mining Corp.
Consideration: 5,000,000 shares of its common stock for 350,000,000 shares of Series A Preferred shares of GROOVY
Closing: 2025-03-05

Exact text from the filing

Exchange Agreement (the "Agreement") with GROOVY Company, Inc. f/k/a Santo Mining Corp., a Wyoming corporation ("GROOVY"). Pursuant to the Agreement, the Company will exchange 5,000,000 shares of its common stock for 350,000,000 shares of Series A Preferred shares of GROOVY. Following the closing of the transaction, the Company will own over fifty-one percent

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Source: SEC EDGAR

accession 0001393905-25-000105

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