Nutritional Growth Solutions acquires Sprout Organic
- Nutritional Growth Solutions completed the full acquisition of Sprout Organic following shareholder approval.
- The company issued 401,228,887 consideration shares at $0.02 per share, expanding total ordinary shares to 964,041,335.
- Sprout founder Selasi Berdie was appointed CEO to drive the company’s expansion into plant-based nutrition.
Nutritional Growth Solutions (ASX:NGS) has completed its 100% acquisition of Sprout Organic through its subsidiary Better Brands Global.
The deal follows shareholder approval at the annual general meeting on Aug. 10.
Under the terms, NGS issued 401,228,887 consideration shares at $0.02 each, with 331,770,756 shares placed into a 12-month voluntary escrow until Sept. 30, 2027.
Sprout founder Selasi Berdie has taken over as CEO, while Manik Pujara transitioned from interim CEO to non-executive director.
Following the announcement, the Nutritional Growth Solutions share price was unchanged at $0.021.
The acquisition also included the conversion of founder loans into 45,771,114 shares and convertible notes into 13,888,889 shares.
In addition, a second tranche of 249,000 in convertible notes and interest is being converted into 15,839,238 shares at $0.018 per share.
