Neptune has exercised its option to exchange
existing Sprout debt for equity resulting in Neptune ownership of
approximately 89.5% of Sprout
LAVAL,
QC, Nov. 8, 2023 /CNW/ - Neptune Wellness
Solutions Inc. ("Neptune" or the "Company") (NASDAQ:
NEPT), a consumer-packaged goods company focused on plant-based,
sustainable and purpose-driven lifestyle brands, today announced
that it has effectively converted a substantial portion of
Neptune's Sprout debt into Sprout equity for the Company's organic
baby and toddler food brand, Sprout Organics. In accordance with
the terms of the previously announced Exchange option, Sprout debt
was exchanged for Sprout equity resulting in Neptune having
increased Sprout ownership from 50.1% to approximately 89.5%.
The debt exchange will significantly improve the strategic
positioning for both entities, decreasing expenses, removing
Neptune as guarantor for Sprout's promissory notes, and subject to
third party consents, Sprout becoming an independent trading
entity.
About Neptune Wellness Solutions Inc.
Neptune is a
consumer-packaged goods company that aims to innovate health and
wellness products. Founded in 1998 and headquartered in
Laval, Quebec with a United States headquarters in Jupiter, Florida, the company focuses on
developing a portfolio of high-quality, affordable consumer
products that align with the latest market trends for natural,
sustainable, plant-based and purpose-driven lifestyle brands. The
company's products are available in more than 29,000 retail
locations and include well-known organic food and beverage brands
such as Sprout Organics, Nosh, and Nurturme, as well as
nutraceuticals brands like Biodroga and Forest Remedies. With its efficient and
adaptable manufacturing and supply chain infrastructure, the
company can quickly respond to consumer demand, and introduce new
products through retail partners and e-commerce channels. Please
visit neptunewellness.com for more details.
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Actual future results may differ materially. There can be no
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SOURCE Neptune Wellness Solutions Inc.