LAS VEGAS, NV / ACCESSWIRE / May 10, 2021 / Planet 13 Holdings Inc. (“Planet 13”) (CSE:PLTH)(OTCQX:PLNHF), a leading vertically-integrated Nevada cannabis company, announces that on May 7, 2021, Robert Groesbeck and Larry Scheffler, Co-CEOs of Planet 13, through their respective joint actors PRMN Investments Ltd. (“PRMN”) and Thirteen, LLC, have converted a total of 52,250,940 Planet 13 Class A restricted voting shares (“Class A Shares”), into 52,250,940 Planet 13 common shares (“Common Shares”), in accordance with the Class A Share terms and for no additional consideration.
Planet 13 Expected to Transition to U.S. Domestic Issuer Status:
Class A Shares were originally issued to all former shareholders of MM Development Company, Inc. who were resident in the United States in connection with Planet 13’s going public business combination in June 2018 (the “Business Combination”). Had the Business Combination been completed without issuing the Class A Shares, these shareholders who were domiciled in the United States would have held an aggregate of approximately 67% of the issued and outstanding Common Shares immediately following the completion of the Business Combination which would have caused Planet 13 to become a U.S. domestic issuer at that time. Upon review of the Planet 13 shareholder demographics immediately prior to authorizing the conversion of the Class A Shares disclosed herein, Planet 13 believes that substantially greater than 50% of its outstanding Common Shares will be held by United States residents as of the foreign private issuer annual determination date of June 30, 2021, regardless of whether the Class A Shares were converted as discussed herein. As a result, Planet 13 expects that it will no longer meet the definition of a “foreign private issuer” under the United States securities laws and will become subject to the reporting requirements of a U.S. domestic issuer beginning on January