RediShred Capital Corp. Provides Update On Proposed Acquisition Of Proshred U.S. Franchising Business As Qualifying Transaction

FOXBusiness:

RediShred Capital Corp. (’RediShred‘ or the ‘Corporation‘), a capital pool company listed on the TSX Venture Exchange (the ‘TSXV‘) has agreed to acquire the Proshred U.S. franchising business (the ‘Acquisition‘) for an aggregate purchase price of approximately $5.3 million (subject to customary adjustments). The purchase price for Proshred will be paid with a combination of cash and common shares from treasury of RediShred, to be determined upon finalization of the private placement described below. The Acquisition is intended to serve as the Corporation’s Qualifying Transaction pursuant to the policies of the TSXV and remains subject to the approval of the TSXV. The closing of the Qualifying Transaction is expected to occur during the current quarter. The Corporation intends to list on the TSXV as a Tier 2 industrial issuer upon completion of the Qualifying Transaction. Read more.