Kaival Brands acquires GoFire's vaporizer patent portfolio for equity; appoints new director

Kaival Brands Innovations Group, Inc.

Acquired 12 issued and 46 pending patents on vaporizer/inhalation tech for 2M common shares, 900K Series B Preferred, and warrants for 2M common.
Series B Preferred redeemable at $15/share, convertible into 8.3333 common shares per preferred, with 2% cumulative dividend and limited conversion after 18 months.
Contingent cash payments: 50% of cannabis-specific royalties up to $15M, then 10% until 2027; warrants have exercise prices of $3-$6 per share.
Board expanded to 8; James P. Cassidy appointed as Series B Preferred Director, designated by GoFire.
Transaction closed May 30, 2023; assets housed in wholly owned subsidiary Kaival Labs.

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