ICNAF - Icanic Brands to acquire DNA Organics in all-stock transaction

In an accretive all-stock transaction, Icanic Brands (OTCQB:ICNAF) signed a non-biding LOI to acquire DNA Organics, a premium California cultivator and manufacturer, currently producing 240k lbs fresh frozen annually. The purchase price will consist of closing purchase price and earn-out payments. The initial payment forming part of the price will be 1.0x multiple of revenue for the period starting Sep.30, 2022 till Sep. 30, 2023. Separately, the company will issue 3.76M shares post its earlier announced acquisition of THC Engineering in May 2021.

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Icanic Brands to acquire DNA Organics in all-stock transaction