Kaival Brands merges with Delta Corp; implies $2.66/share (359% premium) for KAVL

Kaival Brands Innovations Group, Inc.

Delta shareholders receive $270M in Pubco shares; Kaival shareholders get 1:1 exchange implying $2.66/share (359% premium to KAVL).
Kaival stockholders will own ~10.3% of Pubco; Delta shareholders ~89.7% after close; expected Q4 2024.
Delta reported FY2023 revenue over $619M; operates asset-light logistics in bulk & energy.
Earnout: Delta shareholders eligible for up to $30M additional Pubco shares if FY2025 revenue >= $700M and EBITDA >= $20M or net income >= $10M.
Combined company to be led by Delta management: Mudit Paliwal (CEO), Peter Shaerf (Chairman), Joseph Nelson (CFO).

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