Planet 13 Holdings Inc. (PLNH): M&A transaction — Planet 13 closes acquisition of VidaCann for ~$63.4M; adds 26 Florida dispensaries

Planet 13 Holdings Inc.

Consideration: 81.87M shares, ~$4M cash, $5M notes; assumed $3M bank debt and $1.5M related-party notes.
Total consideration valued at ~$63.4M based on stock price of US$0.6647 on May 9, 2024.
VidaCann operates 26 Florida stores; Planet 13 plans indoor cultivation and brand integration to boost per-store economics.
David Loop, former VidaCann CEO, nominated to Planet 13 board effective after 2024 annual meeting.
Lock-up on 29,995,124 shares from certain holders released in thirds every six months.

item 2.01 item 5.02 item 2.03 item 3.02 item 7.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed

David Loop

Director

PLNH · Planet 13 Holdings Inc.

Filed: May 14, 2024, 7:59 PM ET

the Board approved Mr. Loop’s appointment to the Board to be effective the next business day following the 2024 annual meeting of stockholders

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Planet 13 Holdings Inc. incurred loan of US$5 million in aggregate principal amount of promissory notes.

Instrument: loan
Principal: US$5 million in aggregate principal amount of promissory notes
Event: incurrence

Exact text from the filing

US$5 million in aggregate principal amount of promissory notes, subject to adjustments under the definitive agreement.

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Executive change SEC 8-K Item 5.02 confidence 0.95

David Loop was appointed as Director at Planet 13 Holdings Inc..

Action: appointed
Role: Director

Exact text from the filing

the Board approved Mr. Loop’s appointment to the Board to be effective the next business day following the 2024 annual meeting of stockholders

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

Planet 13 Holdings Inc. completed an acquisition involving VidaCann, LLC for approximately US$63.4 million (closed 2024-05-10).

Action: acquisition
Counterparty: VidaCann, LLC
Consideration: approximately US$63.4 million
Closing: 2024-05-10

Exact text from the filing

Canadian Securities Exchange (based on the Bank of Canada CAD to USD exchange rate on May 9, 2024 of CAD$1.00=US$0.7304), the total consideration is valued at approximately US$63.4 million. The Seller Notes accrue interest at 5% per annum and the principal amount and all accrued and unpaid interest are due on April 1, 2025. In the event of default, the Sellers may

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26 debt financings filed in the last 30 days. Browse all debt financings →

Planet 13 Holdings Inc. filing history →

Source: SEC EDGAR

accession 0001437749-24-016374

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