ALTA, Wyo. – On March 1, 2024, Tonga Partners, L.P., Tristan Partners, L.P., and Tristan Offshore Fund, Ltd., for which Cannell Capital LLC, a Wyoming limited liability company, serves as either General Partner or Investment Adviser, acquired 600,000 common shares of Nova Cannabis, Inc., this represents about 1.05% of the issued and outstanding voting securities of Nova Cannabis.
Since the date of its last Early Warning Report and up to, and including, March 1, 2024, Cannell, through the Funds, purchased 1,494,366 Nova Cannabis Shares, which were acquired at prices ranging from C$1.25 to C$1.63 per share for an aggregate cost of C$2,263,992.32, with an average price of C$1.52 per share. After March 1, 2024, up to and including May 14, 2024, Cannell, through the Funds, purchased 719,500 Nova Cannabis Shares, at prices ranging from C$1.20 to C$1.50 per share for an aggregate cost of C$957,670.43, with an average price of C$1.33 per share.
As a result of these acquisitions, Cannell, through the Funds and a separately managed account, currently exercises control or influence over an aggregate of 8,314,155 Nova Cannabis Shares, representing approximately 14.52% of the issued and outstanding Nova Cannabis Shares at May 14, 2024. Previously, Cannell, through the Funds and the Cannell SMA, exercised control or direction over an aggregate of 6,100,289 Nova Cannabis Shares, representing approximately 10.66% of the issued and outstanding Nova Cannabis Shares.
The Funds acquired the additional Nova Cannabis Shares through the facilities of the Toronto Stock Exchange for investment purposes.
Cannell has discussed with Nova Cannabis a potential nominee for the Board of Directors of Nova Cannabis. Cannell may, from time to time, on its own behalf or on behalf of the Funds, the Cannell SMA, or other client accounts, acquire additional securities, dispose of some or all of the currently held Nova Cannabis Shares or may continue to hold the Nova Cannabis Shares.
The head office of Nova Cannabis is located at 101, 17220 Stony Plain Rd. NW, Edmonton, Alberta, T5S 1K6, Canada.
An early warning report relating to these transactions will be filed on the System for Electronic Data Analysis and Retrieval + (“SEDAR+”) under Nova Cannabis’s profile and can be viewed at www.sedarplus.ca.
