Nano Cures International announces acquisition of Craft 1861 Global Holdings in US$1.85 billion reverse take-over

Company

Nano Cures International

Law Firm / Organization
Herrick, Feinstein LLP

Company

Craft 1861 Global Holdings Inc.

Law Firm / Organization
McMillan LLP

On September 28, 2023, Craft 1861 Global Holdings Inc. (Cboe Canada/NEO: HUMN, HUMN.WT.A), a Canadian-listed company, and Nano Cures International, Inc. entered a definitive arrangement agreement for Nano to acquire all shares of Craft Global. The transaction, valued at $1.85 billion USD ($2.43 billion CAD), included $474.04 million USD ($623.21 million CAD) in cash and equity securities representing 25% of the combined entity, "New Nano." The total enterprise value of New Nano was required to be at least $5.5 billion USD ($7.06 billion CAD) upon closing, expected in December 2023.

The transaction was a reverse take-over under the Neo Exchange policies and required approvals from the Supreme Court of British Columbia, shareholders, and regulatory bodies. Craft Global's board unanimously recommended the transaction, supported by voting agreements from its directors and executive officers.

Legal counsel for Craft Global was McMillan LLP, while Nano was advised by Herrick, Feinstein LLP. Craft Global, being listed on the Neo Exchange, already operated in Canada, and Nano Cures International was expected to establish a business presence in Canada following the completion of the transaction.

Merger & Acquisition
Healthcare
$ 2,430,000,000
Active