BYND Cannasoft Closes Acquisition Of Zigi Carmel Investments

BYND Cannasoft Enterprises Inc. (NASDAQ: BCAN) (CSE:BYND) has completed the purchase of all of the issued and outstanding shares of Zigi Carmel Initiatives & Investments Ltd. (“ZC”) from Carmel Zigdon.

BYND Cannasoft Enterprises Inc. (NASDAQ:BCAN) (CSE:BYND) has completed the purchase of all of the issued and outstanding shares of Zigi Carmel Initiatives & Investments Ltd. (“ZC”) from Carmel Zigdon. Under the terms of the share purchase agreement, the company issued 7.9 million common shares to the vendor. These shares are subject to a hold period and may not be traded in Canada before January 23, 2023.

The company also reports that Carmel has been appointed as a director of BYND. Carmel invented the concept for the EZ-G device back in 2021 and since then has developed it for commercialization. He currently manages the online shopping site ZCRAIV, an online clothes store generating revenues in the millions of dollars per year.

Carmel Zigdon has acquired beneficial ownership and control over 7.9 million common shares of the company at a deemed price per share of $4.735 for a total deemed price of CA$37.5 million ($27.7 million). The shares were acquired on September 22, 2022 pursuant to the company’s purchase of ZC. Immediately following the acquisition, the acquirer owned a total of 7.9 million shares representing 20.99% of the company’s 37.7 million issued and outstanding Shares.

The shares were acquired for investment purposes. The acquirer may from time to time acquire additional securities, dispose of some or all of the existing or additional securities or may continue to hold the securities of the company.

Photo: Benzinga; Sources: courtesy of jarmoluk and lindsayfox via Pixabay

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