RE:Merger talksCanuck30 wrote: I think they were fu$king with us and to Sundial when they announced as a side note that they're in merger talks. It's usually a joint announcement by the two companies, not one company leaving hints with zero concrete info.
Canuck30, you owe Shai Altman a "thank-you"
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Zenabis had been in late-stage discussions with the Senior Lender, R.C. Morris Capital Management (RCM) relating to the extension of its obligation to repay $7 million of principal amount of debt on December 31, 2020.
There was going to be a nice New Year's Eve press release "Zenabis Announces Amendment and Extension to Senior Secured..." but Sundial got involved and incentivized RCM to sell the $58.9M debt to them. Sundial put up the cash. Then, contrary to Zenabis' discussions with RCM prior to the point at which the $58.9M was acquired by Sundial, RCM substituted the soon to be consummated extension with a demand to pay, accompanied by a forbearance agreement. Sundial got RCM to do it's nasty work of delivering the bad news.
Shai Altman has fought hard for shareholders since December 30, 2020, a day when he had to make a $7M deal to save Zenabis. Mr. Altman has fought for shareholders since he took over as CEO and that's why ZENA shares are 12c today and not 5c.
No one knows what is going on with the merger talks. In fact, there are a lot of unknows at this point, perhaps more than ever before. Keep digging and doing your due diligence.
sources:
https://www.reddit.com/r/TheCannalysts/comments/d3ttgy/the_art_of_the_refi_zenabis/
https://www.newswire.ca/news-releases/zenabis-provides-update-on-strategic-alternatives-876321826.html