AYR Wellness Inc. (CSE: AYR.A) (OTCQX: AYRWF) announced it has reached an agreement with Elk Spring Partners, LLC and other selling security holders (collectively known as the "NJ Counterparties").
The agreement aims to amend the earn-out payment terms specified in the membership interest purchase agreement (MIPA) related to AYR's acquisition of GSD NJ, LLC, a NJ-based company.
The terms and conditions for the earn-out payments outlined in the membership interest purchase agreement (MIPA) have been amended as described below:
- The first portion of the earn-out, amounting to US$10 million, will be paid in cash by May 19, 2023.
- The next portion of the earn-out, worth US$14 million, will be satisfied by issuing promissory notes with a 13.5% interest rate. The notes will have monthly …