Vejii Reports Close of Acquisition of VEGEco USA

Jan 6, 2022 By MarketDepth

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Vejii Holdings Ltd. (CSE: VEJI) has announced completion of the acquisition as of December 31st, 2021 of VEDGEco USA, Inc.  Upon the purchase agreement that was dated December 22nd, 2021, Vejii has acquired all issued and outstanding shares of VEDGEco for a total value of USD 6.25 Million.  Vejii issued to the Vendors on the closing date of the acquisition, an aggregate of 12,865,000 common shares ov Vejii with a value of USD 3.5 Million determined by the price per consideration share of C$0.35 that was converted into United States dollars at the Bank of Canada exchange rate on December 22nd, 2021.  The remaining value of the purchase price is payable in earn-out payments up to a maximum of USD 2.75 Million payable in Common shares priced at the context of the market.  This will be issued to the Vendors upon VEDGEco meeting certain milestones as set out in the Purchase Agreement.  

“I would personally like to thank our advisors and team members on both sides who worked tirelessly over the holidays to ensure we close this transaction before year-end. This allows our new combined teams to hit the ground running in 2022, and focus on growing our businesses and onboarding new customers and products to our platforms.”

Kory Zelickson, CEO of Vejii

“Between going public and completing our acquisition of Vegan Essentials and then VEDGEco, 2021 closed on a high note for us,” said Darren Gill, President and COO of Vejii. “I feel we have proven our ability to execute our plans and objectives, getting two deals closed in two months, and the stage is now set for growth in 2022 as Vejii will be able to service our brand partners through our direct to consumer marketplace and business to business through the addition of VEDGEco.”