ALTA,
Wyo., May 17, 2024 /CNW/ - On March 1, 2024, Tonga Partners, L.P., Tristan
Partners, L.P., and Tristan Offshore Fund, Ltd., (collectively the
"Funds"), for which Cannell Capital LLC ("Cannell"),
a Wyoming limited liability
company, serves as either General Partner or Investment Adviser,
acquired 600,000 common shares of Nova Cannabis, Inc. ("Nova
Cannabis"), this represents about 1.05% of the issued and
outstanding voting securities of Nova Cannabis (being the common
stock of Nova Cannabis (the "Nova Cannabis Shares")).
Since the date of its last Early Warning Report and up to, and
including, March 1, 2024, Cannell,
through the Funds, purchased 1,494,366 Nova Cannabis Shares, which
were acquired at prices ranging from C$1.25 to C$1.63
per share for an aggregate cost of C$2,263,992.32, with an average price of
C$1.52 per share. After March 1, 2024, up to and including May 14, 2024, Cannell, through the Funds,
purchased 719,500 Nova Cannabis Shares, at prices ranging from
C$1.20 to C$1.50 per share for an aggregate cost of
C$957,670.43, with an average price
of C$1.33 per share.
As a result of these acquisitions, Cannell, through the Funds
and a separately managed account (the "Cannell SMA"),
currently exercises control or influence over an aggregate of
8,314,155 Nova Cannabis Shares, representing approximately 14.52%
of the issued and outstanding Nova Cannabis Shares at May 14, 2024. Previously, Cannell, through the
Funds and the Cannell SMA, exercised control or direction over an
aggregate of 6,100,289 Nova Cannabis Shares, representing
approximately 10.66% of the issued and outstanding Nova Cannabis
Shares.
The Funds acquired the additional Nova Cannabis Shares through
the facilities of the Toronto Stock Exchange for investment
purposes.
Cannell has discussed with Nova Cannabis a potential nominee for
the Board of Directors of Nova Cannabis. Cannell may, from time to
time, on its own behalf or on behalf of the Funds, the Cannell SMA,
or other client accounts, acquire additional securities, dispose of
some or all of the currently held Nova Cannabis Shares or may
continue to hold the Nova Cannabis Shares.
The head office of Nova Cannabis is located at 101, 17220 Stony
Plain Rd. NW, Edmonton, Alberta,
T5S 1K6, Canada.
An early warning report relating to these transactions will be
filed on the System for Electronic Data Analysis and Retrieval +
("SEDAR+") under Nova Cannabis's profile and can be viewed
at www.sedarplus.ca.
For further information or to obtain a copy of the early warning
report, please contact:
Stephen C. Wagstaff
Chief Financial Officer
Cannell Capital, LLC
245 Meriwether Circle
Alta, WY 83414
Tel: 1-307-733-2284
Fax: 1-307-264-0600
Email: scw@cannellcap.com
SOURCE Cannell Capital, LLC