Home Financial Markets Penny Stocks Was There Any Reason That Drove SPRWF Stock 54 Percent Higher On...

Was There Any Reason That Drove SPRWF Stock 54 Percent Higher On Thursday?

The Supreme Cannabis Company, Inc (OTCQX: SPRWF) closed its last trading day up 53.86 percent at $0.31695 and has been trading in a $0.299776 to $0.335 range. This month, the Supreme Cannabis stock surged over 41.20%; the average volume was 3.29M shares for the month. Because of an arrangement agreement for acquisition of all of its outstanding shares, the SPRWF stock soared.

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A brief summary of agreement:


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The Supreme Cannabis and Canopy Growth Corporation have entered a definitive arrangement agreement.

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  • Canopy will acquire all of issued and outstanding common shares of SPRWF for approximately $435 million on a fully-diluted basis under the Arrangement Agreement.
  • The Arrangement Agreement provides that SPRWF shareholders will receive 0.01165872 of a Canopy common share and $0.0001 in cash for each Supreme Cannabis share they hold.
  • A 66% premium per SPRWF share is provided to shareholders in the transaction.
  • The figure was calculated by the closing price on the TSX on April 7, 2021 for Canopy common shares and SPRWF shares.
  • In addition to providing several benefits to Canopy shareholders, the Transaction is expected to benefit SPRWF shareholders as well.

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How will SPRWF benefit?

In addition to receiving a market premium, Supreme Cannabis (SPRWF) shareholders will also gain exposure to the USA CBD market and conditions for expanded exposure. Additional value for SPRWF can be derived from the scalable Kincardine production facility, which is known for producing high-quality flower at low prices.

 

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