The Toronto Stock Exchange reports that Hexo Corp. will be delisted from the TSX at the close on June 26, 2023. According to the TSX, Tilray Brands Inc. has acquired all of the issued and outstanding shares of the company pursuant to a plan of arrangement. The TSX notes that the warrants of the company will remain listed on the TSX under the symbol HEXO.WT.A until a future date, when they will be substitutionally listed under a new Cusip number and symbol. As soon as practicable, the TSX will issue a bulletin with more information.

The TSX reports that Hexo shareholders are entitled to receive 0.4352 of a Tilray share per Hexo share held. According to the TSX, in no event shall any holder of Hexo shares be entitled to a fractional Tilray share. Where the total number of Tilray shares to be issued to a holder of Hexo shares as consideration under the plan of arrangement would result in a fraction of a Hexo share being issuable, the number of Tilray shares to be received by such holder shall be rounded down to the nearest whole Tilray share without any additional compensation.

The TSX notes that as a result of the plan of arrangement, the Hexo warrants have been adjusted such that for each warrant exercised, the holder will receive 0.00073549 of a Tilray share for a price of $1.72. The expiry date of the warrants remains 5 p.m. Toronto time on April 2, 2024.

For more information, see the company's management proxy circular dated May 10, 2023, available on SEDAR.