Laird Superfood closes $38.5M Navitas acquisition, $50M Nexus preferred investment; Nexus gains control with 56.3% stake

Laird Superfood, Inc.

• Acquired Navitas LLC and Global Superfoods for $38.5M cash; funded by $50M Series A Preferred issuance to Nexus affiliates.
• Nexus holds Series A convertible at $3.57/share, representing 56.3% of common (73.9% if additional shares issued).
• Board expanded to nine; Nexus designates four new directors plus Grant LaMontagne as chairman; two prior directors resigned.
• Series A Preferred has 5% cumulative compounded quarterly dividend; mandatory conversion trigger after 30 months if price>7.50 and volume>100k avg.
• Company may require Nexus to purchase up to $60M additional Preferred for future strategic acquisitions.