Vending

Simply Better Brands to acquire Jones Soda for $98.9M

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April 21, 2022

Simply Better Brands Corp. has agreed to acquire Jones Soda Co. for approximately $98.9 million and will rebrand under the Jones Soda name, according to a press release.

The combination is expected to accelerate sales in three global verticals:

• Food and beverage – Jones Soda and Trubar.
• Plant-based wellness – CBD and THC – PureKana, Seventh Sense, Herve, Mirage and Mary Jones.
• Health and beauty – No B.S. Skincare.

Pursuant to the transaction, SBBC will purchase 100% of the issued and outstanding common shares of Jones at a deemed value of 75 cents per Jones share, payable in fully paid and non-assessable common shares of SBBC based on a price per SBBC share equal to $3.65.

In addition, SBBC will assume all outstanding debt of Jones and exchange any dilutive securities of Jones for materially similar securities of SBBC based on an implied ratio of 0.20548 SBBC shares for each one Jones share held, with the aggregate value of the transaction being approximately $98.9 million on a fully-diluted basis.

The share consideration represents a premium of 39 cents to Jones shareholders based on the closing price of each company as of the market close on April 14, 2022.

Upon completion of the transaction, Simply Better Brands intends to change its name to "Jones Soda" or some derivation thereof‎ and a new trading symbol may be chosen by SBBC.