Hexo (NASDAQ:HEXO) stock is rising higher on Wednesday after the company’s shareholders voted in favor of a transaction with Tilray (NASDAQ:TLRY)!
Hexo revealed that 87.246% of votes cast by shareholders were in favor of the Note Amendment Resolution with Tilray. This has Tilray acquiring senior notes in the marijuana company that was originally issued to HT Investments.
The transaction was originally brought up during a shareholder meeting on June 14, 2022. However, Hexo adjourned that meeting before a vote was cast. This was to give shareholders additional time to consider the deal, as well as amendments made to it.
To go along with this, Hexo notes that it has received approval from the Toronto Stock Exchange for the deal to go through. Now it just needs to complete some other customary closing conditions. This has Hexo expecting the deal to close in the third quarter of the year.
News of shareholders approving the deal between Hexo and Tilray also has the former’s stock seeing heavy trading today. As of this writing, more than 29 million shares of the pot company’s stock have changed hands. That’s well above its daily average trading volume of roughly 6.6 million shares.
HEXO stock is up 7.3% and TLRY stock is up 7.7% as of Wednesday morning!
Investors seeking out more recent stock market news are going to want to stick around!
We’ve got all of the hottest stock market news traders need to know about for Wednesday! Among that is what has shares of Just Eat Takeaway.com (OTCMKTS:TKAYF), DoorDash (NYSE:DASH) and Enjoy Technology (NASDAQ:ENJY) stock on the move today. You can read up on all of this news at the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.