Neptune has the option within 90 days to
exchange existing Sprout debt for Sprout equity resulting in
Neptune ownership of approximately 89.5% of Sprout
LAVAL,
QC, Aug. 17, 2023 /PRNewswire/ - Neptune
Wellness Solutions Inc. ("Neptune" or the "Company") (NASDAQ:
NEPT), a consumer-packaged goods company focused on plant-based,
sustainable and purpose-driven lifestyle brands, today announced
entering into a binding term sheet with NH Expansion Credit Fund
Holdings L.P. ("Morgan Stanley" or "MSEC") for the Company's
organic baby and toddler food brand, Sprout Organics, providing
Neptune with an option to exchange its existing Sprout debt for
Sprout equity, on or prior to November 13,
2023 (the "Exchange"). The Exchange would
substantially reduce Sprout's debt. The Exchange would be subject
to the execution of definitive agreements and receipt of required
consents.
The term sheet further provides for amendments to remaining
Sprout promissory notes in the event that the Exchange is
consummated, including that such promissory notes would have their
maturity date extended to June 30,
2025 and the termination of the guarantee currently provided
by the Company. The term sheet further specifies certain terms
governing a transaction that, if consummated, would result in
Sprout becoming an independent trading entity. There can be no
assurances that such a transaction or the Exchange will be
consummated.
About Neptune Wellness Solutions
Inc.
Neptune is a consumer-packaged goods company that aims to
innovate health and wellness products. Founded in 1998 and
headquartered in Laval, Quebec,
the Company focuses on developing a portfolio of high-quality,
affordable consumer products that align with the latest market
trends for natural, sustainable, plant-based and purpose-driven
lifestyle brands. The Company's products are available in more than
27,000 retail locations and include well-known organic food and
beverage brands such as Sprout Organics, Nosh, and Nurturme, as
well as nutraceuticals brands like Biodroga and Forest Remedies. With its efficient and
adaptable manufacturing and supply chain infrastructure, the
Company can quickly respond to consumer demand, and introduce new
products through retail partners and e-commerce channels. Please
visit neptunewellness.com for more details.
Disclaimer – Safe Harbor
Forward–Looking Statements
This news release contains "forward-looking information" and
"forward-looking statements" (collectively, "forward-looking
statements") within the meaning of applicable securities laws. All
statements, other than statements of historical fact, are
forward-looking statements and are based on expectations,
estimates, and projections as at the date of this news release. Any
statement that involves discussions with respect to predictions,
expectations, beliefs, plans, projections, objectives, assumptions,
future events or performance (often but not always using phrases
such as "expects", or "does not expect", "is expected",
"anticipates" or "does not anticipate", "plans", "budget",
"scheduled", "forecasts", "estimates", "believes" or "intends" or
variations of such words and phrases or stating that certain
actions, events or results "may" or "could", "would", "might" or
"will" be taken to occur or be achieved) are not statements of
historical fact and may be forward-looking statements. In this news
release, forward-looking statements include, among other things,
statements with respect to the Exchange or other transactions being
consummated, Neptune's ability to consummate the Exchange or the
receipt of any required consents.
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SOURCE Neptune Wellness Solutions Inc.