Summary by Futu AI
On January 9, 2024, Tilray Brands, Inc., a Delaware-based company, announced the completion of a significant transaction with Double Diamond Holdings Ltd. (DDH), an Ontario corporation. The agreement involved Tilray acquiring a promissory note worth USD$26,134,500 from DDH, which is payable by 1974568 Ontario Limited, also known as Aphria Diamond. Aphria Diamond is a joint venture between DDH and Aphria Inc., which is a direct and wholly-owned subsidiary of Tilray. In exchange for the note, Tilray issued 12,386,019 shares of its common stock to DDH. The shares, referred to as Consideration Shares, were issued under the exemption provided by Regulation S of the Securities Act, which allows for the sale of securities outside the United States without registration. This transaction did not involve any underwriters or the payment of commissions.