05:18:55 EDT Wed 15 May 2024
Enter Symbol
or Name
USA
CA



Planet 13 Holdings Inc
Symbol PLTH
Shares Issued 222,317,270
Close 2023-11-14 C$ 1.20
Market Cap C$ 266,780,724
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Planet 13 enters settlement with SDC, to make payment

2023-11-14 23:12 ET - News Release

Mr. Robert Groesbeck reports

PLANET 13 ENTERS INTO SETTLEMENT AGREEMENT

Planet 13 Holdings Inc. entered into a settlement agreement on Nov. 14, 2023, with certain individuals with respect to certain claims advanced by the SDC parties against Next Green Wave Holdings Inc., a subsidiary of NGW and the company. As a result of the company's acquisition of NGW on March 2, 2022, the company assumed all liabilities of NGW.

Pursuant to the settlement agreement, in consideration for the SDC parties releasing the Planet 13 parties from claims relating to the legal actions and to avoid the further expense of litigation, the company agreed to pay the SDC parties a cash payment of $300,000 (U.S.) in the aggregate and issue the SDC parties an aggregate of one million shares of common stock in the capital of the company. The cash payment will be made, and the settlement shares will be issued on the date that is 14 days from the date of signing of the settlement agreement. Based on the closing price of the company's shares of common stock on the Canadian Securities Exchange of $1.2000 (Canadian) and based on the Bank of Canada's Canadian-dollar-to-U.S.-dollar exchange rate of $1 (U.S.) equals $1.3725 (Canadian), in each case as of Nov. 14, 2023, the total settlement amount is approximately $1,174,316.94 (U.S.). The settlement shares will be subject to resale restrictions under applicable U.S. and Canadian securities laws.

The settlement agreement is not considered an admission of the correctness of the claims advanced by either party or of liability or responsibility by either party. All other terms of the settlement agreement are confidential.

About Planet 13 Holdings Inc.

Planet 13 is a vertically integrated cannabis company, with award-winning cultivation, production and dispensary operations in Las Vegas and Orange county, California. Planet 13 also holds a medical marijuana treatment centre licence in Florida and a conditional social equity justice involved dispensing licence in the Chicago region of Illinois. Planet 13's mission is to build a recognizable global brand known for world-class dispensary operations and create innovative cannabis products. Licensed cannabis activity is legal in these states but remains illegal under U.S. federal law. Planet 13's shares of common stock trade on the Canadian Securities Exchange under the symbol PLTH and are quoted on the OTCQX under the symbol PLNH.

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