BYND Cannasoft Completes Acquisition of Zigi Carmel Investments – BYND Cannasoft Enterprise (NASDAQ:BCAN)


BYND Cannasoft Enterprises Inc. BCAN BYND has finalized the purchase of all issued and outstanding shares of Zigi Carmel Initiatives & Investments Ltd. (“CZ“) of Carmel Zigdon. Pursuant to the share purchase agreement, the company issued seven.9 million ordinary actions to the salesman. These shares are subject to a hold period and cannot be traded in Canada until January 23, 2023.

The company also reports that Carmel was named a director of BYND. Carmel invented the concept of EZ-G device in 2021 and since then has developed it for commercialization. He currently manages the online sales site ZCRAIVan online clothing store that generates millions of dollars a year in revenue.

Carmel Zigdon acquired beneficial ownership and control of 7.9 million common shares of the company at a deemed price per share of $4.735 for a deemed total price of CA$37.5 million ($27.7 million). The shares were acquired on September 22, 2022 following the company’s purchase of ZC. Immediately following the acquisition, the acquirer held 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, sell all or part 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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