Fire & Flower Announces Confirmation of Intent to Exercise Series B Warrants by Circle K owner Alimentation Couche-Tard and Timing of Announcement of Fourth Quarter and Fiscal Year 2021 Financial & Operational Results
Warrant exercise by one of the world’s largest convenience retailers to bring ownership stake to approximately 35%
TORONTO, April 20, 2022 /CNW/ -– Fire & Flower Holdings Corp. (“Fire & Flower” or the “Company”) (TSX: FAF) (OTCQX: FFLWF), a leading cannabis consumer retail and technology platform announced today that 2707031 Ontario Inc., an indirect wholly-owned subsidiary of Alimentation Couche-Tard Inc. (collectively “ACT”), has confirmed its intention to exercise warrants (the “Series B Warrants”) to acquire 8,288,067 common shares of Fire & Flower (the “Shares”) pursuant to the terms of a Second Amended and Restated Warrant Certificate dated January 18, 2022 (the “Series B Warrant Certificate”) on the day that is two days following the release of the Company’s financial statements for the year ended January 29, 2022.
The exercise price for the Series B Warrants will be determined based on the 20-day volume-weighted average price for common shares of the Company in accordance with the terms of the Series B Warrant Certificate. Pursuant to the terms of the Series B Warrant Certificate, all of the Series B Warrants are subject to a maximum exercise price of $18.75, and 1,570,513 of the Series B Warrants, which were issued pursuant to the exercise of top-up rights previously granted to ACT, are subject to a minimum exercise price of $4.7732.
Following the exercise of the Series B Warrants, ACT’s ownership of common shares of Fire & Flower will increase by approximately 14.49% to approximately 35.32%.
Timing of Announcement of Q4 and Fiscal Year 2021 Financial Results
The Company will release its financial and operational results for the quarter and fiscal year ended January 29, 2022 before financial markets open on April 26, 2022.
Fire & Flower’s fourth quarter and fiscal year 2021 financial and operational results will be available on SEDAR and on the Company’s website at https://investors.fireandflower.com/.
Following the release of its fourth quarter and fiscal year 2021 financial and operational results, Fire & Flower will host a conference call with Trevor Fencott, President and Chief Executive Officer, and Judy Adam, Chief Financial Officer at 8:30 AM Eastern Time on April 26, 2022. The conference call will discuss Fire & Flower’s financial and operational results.
Toll-Free (Canada): 1-833-950-0062
Toll-Free (United States): 1-844-200-6205
All other locations: +1 929 526 1599
Access code: 013467
Replay Information (Available until May 17, 2022)
Toll-Free (Canada): 1-226-828-7578
Toll-Free (United States): 1-866-813-9403
All other locations: +44 204 525 0658
Replay Code: 348644
Upon completion of the live conference call, a replay of the conference call will be accessible on Fire & Flower’s website at https://investors.fireandflower.com/.
About Fire & Flower
Fire & Flower is a leading, technology-powered, adult-use cannabis retailer with more than 100 corporate-owned stores in its network. The Company leverages its wholly-owned technology development subsidiary, Hifyre, to continually advance its proprietary retail operations model while also providing additional independent high-margin revenue streams. Fire & Flower guides consumers through the complex world of cannabis through education-focused, best-in-class retailing while the Hifyre digital retail and analytics platform empowers retailers to optimize their connections with consumers. The Company’s leadership team combines extensive experience in the technology, logistics, cannabis and retail industries.
Through the strategic investment of Alimentation Couche-Tard Inc. (owner of Circle K convenience stores), the Company has set its sights on global expansion as new cannabis markets emerge and is poised to expand into the United States when permitted through its strategic licensing agreement with Fire & Flower U.S. Holdings upon the occurrence of certain changes to the cannabis regulatory regime.
Fire & Flower is a multi-banner cannabis retail operator that owns and operates the Fire & Flower, Friendly Stranger, Happy Dayz and Hotbox brands. Fire & Flower Holdings Corp. owns all issued and outstanding shares in Fire & Flower Inc. and Friendly Stranger Holdings Corp., licensed cannabis retailers that own and operate cannabis retail stores in the provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, and the Yukon territory.
To learn more about Fire & Flower, visit www.fireandflower.com.
About Alimentation Couche-Tard Inc.
Couche-Tard is a global leader in convenience and fuel retail, operating in 26 countries and territories, with more than 14,100 stores, of which approximately 10,800 offer road transportation fuel. With its well-known Couche-Tard and Circle K banners, it is one of the largest independent convenience store operator in the United States and it is a leader in the convenience store industry and road transportation fuel retail in Canada, Scandinavia, the Baltics, as well as in Ireland. It also has an important presence in Poland and Hong Kong SAR. Approximately 124,000 people are employed throughout its network.
For more information on Alimentation Couche-Tard Inc. or to consult its quarterly Consolidated Financial Statements and Management Discussion and Analysis, please visit: https://corpo.couche‑tard.com.
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