LAVAL,
QC, May 2, 2023 /CNW/ - 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 that it has
entered into an agreement that fixes the purchase price for the
exercise of the option to acquire the remaining 49.9% minority
share of organic baby food brand, Sprout Organics ("Sprout")
pursuant to a call option agreement entered into with the minority
stockholders of Sprout. The agreement is subject to the exercise of
the option and Board approval, as well as the successful
arrangement of funding sources to complete the purchase, which
Neptune is working to obtain.
Under the terms of the agreement, Neptune may exercise the
option to purchase the remaining minority shares of Sprout for
$13 million. The agreed purchase
price will be allocated between cash and Neptune common shares,
with at least $10.5 million paid in
cash and the remainder in Neptune common shares. The fixed purchase
price is effective until June 15,
2023, after which time the purchase price will be calculated
in accordance with the call option agreement.
There can be no assurances that the call option will be
exercised or that it will close by June 15,
2023, if at all, that Board approvals will be obtained or
that Neptune will be successful in arranging funding sources to
complete the purchase.
Neptune acquired the controlling ownership of 50.1% of Sprout in
February 2021.
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.
About Sprout Organics
Sprout Organics is an organic baby food brand that strives to
make mealtime easy and fun for parents and babies through delicious
snacks and meals made with fresh, organic ingredients. Sprout aims
to make life less complicated, give children a head start in life,
and explore new foods with excitement with three simple promises:
Keep it real, keep it simple and keep it fun. Sprout uses only the
best, real and organic ingredients in everything it makes which
means certified organic foods in every bite straight from nature,
no GMOs. To learn more, please visit www.sproutorganics.com.
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 exercise of the call option, receipt
of Board approvals, securing required funding sources and the
closing of the call option.
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SOURCE Neptune Wellness Solutions Inc.