SunStream USA was formed on Friday as SunStream Bancorp Inc. is poised to sign restructuring documentation with cannabis company Surterra Holdings, Inc., which is doing business as Parallel. SunStream is a joint venture sponsored by SNDL Inc. (NASDAQ: SNDL).
Why It Matters
SunStream USA anticipates being a US platform with one or more independent third-party investors, which will be independently managed and governed.
SunStream, or its designee, is vetting an opportunity to own non-voting and non-participating exchangeable securities in SunStream USA, which would include the right to exchange such securities into common equity or equity-like securities in the future if certain conditions are met.
The SunStream USA structure could allow SNDL to participate in the future in the equitization of certain senior credits made by affiliates of SunStream that are currently undergoing restructurings while complying with all U.S. federal and state ...