Yooma Corp completed the acquisition of Globalive Technology Inc. in a reverse merger transaction.
Upon completion of the transaction, it is anticipated that certain of Yooma's current executive and management teams will be integrated with the proposed management and board of directors of the Resulting Issuer. It is expected that FastForward Innovations Ltd's former Chairman Lorne Abony will remain on the Board of the Enlarged Group following completion. As of January 18, 2021, special meeting of the shareholders will be held on January 25, 2021. The transaction is subject to approvals of the Directors and shareholders for both of Yooma and Globalive, Globalive continuing to be listed on the TSX Venture Exchange, receipt of any necessary Exchange, regulatory and third-party approvals or consents, court approval, the Spin-Out and Reorganization transactions shall have been completed. As of January 26, 2021, the merger remain subject to Canadian regulatory approval. The merger has been approved in a shareholder meeting. Globalive holding cash and cash-equivalents of no less than $4.5 million on closing of the transaction, the completion of the transaction with Socati, and other customary closing conditions. As of January 29, 2021 the merger between Yooma and Globalive moved towards completion following its approval by Shareholders marking a significant milestone for FastForward. As of September 22, 2020, the terms were amended to remove any conditions or other terms relating to Socati's participation in the transaction. As of December 15, 2020, As of December 16, 2020, the CSE conditionally approved the listing of the Resulting Issuer Shares on the CSE, subject to the Resulting Issuer fulfilling all of the listing requirements of the CSE and delisting of GTI shares needs to be completed, Holders of no more than 10% of the outstanding GTI Shares shall have exercised Dissent Rights and GTI shall have received effective resignations and mutual releases in favour of GTI from each of the existing directors and officers of GTI. Yooma Board has unanimously approved the deal. The transaction is expected to complete contemporaneously with the Socati transaction. Caitlin Sainsbury and Jason Saltzman of Borden Ladner Gervais LLP acted as a legal advisor to GTI. Donald Belovich of Stikeman Elliott LLP acted as a legal advisor to Yooma.
Yooma Corp completed the acquisition of Globalive Technology Inc. (TSXV:LIVE) in a reverse merger transaction on February 10, 2021. Yooma Wellness will begin trading on the Canadian Securities Exchange (the "CSE") on February 11, 2021 under the ticker symbol 'YOOM'. The deal was subject to resignation of GTI directors and officers and approval of shareholders of Yooma, the shareholders of GTI and the Ontario Superior Court of Justice was received.