We are pleased to announce the successful signing of the business combination between Ayurcann Holdings Corp. and Arogo Capital Acquisition Corp., a publicly traded special purpose acquisition company. This strategic transaction, approved by Arogo shareholders on June 26, 2024, marks a significant milestone in Ayurcann’s growth journey.

Under the terms of the agreement, Ayurcann Holdings Corp. will operate under the same name and transition its listing to Nasdaq. This business combination provides Ayurcann with enhanced capital access and market presence, positioning the company for accelerated innovation and expansion

About the Transaction

At the effective time of the Transaction, shareholders of Ayurcann immediately prior to the effective time will receive shares of common stock of the publicly traded entity based on an implied pro forma enterprise value of approximately $210 million, at a price of $10.00 per share. Ayurcann’s common shares are anticipated to be valued upon closing of the proposed Transaction at approximately $1.00 based on the current number of fully diluted outstanding common shares before consolidation to be completed in connection with the proposed Transaction.

Ian Hanna, Managing Director at ARC Group, commented, “This business combination is a transformative step for Ayurcann Holdings Corp. The enhanced capital access and public market presence will empower Ayurcann to accelerate its innovation and expand its market leadership in the cannabis industry. We are thrilled to support Ayurcann and Arogo in this pivotal transaction.”

About Ayurcann Holdings Corp.

Ayurcann Holdings Corp. is an award-winning Canadian cannabis extraction company specializing in the processing and manufacturing of cannabis 2.0 and 3.0 products. As the leading producer of vapes in Ontario and a top preroll manufacturer, Ayurcann is driven by innovation, quality, and market demand.

About Arogo Capital Acquisition Corporation

Arogo Capital Acquisition Corporation (NASDAQ: AOGOU, AOGO, AOGOW) is a special purpose acquisition company focused on merging with highpotential companies in innovative industries, facilitating their access to public markets and accelerating their growth.

Advisors

ARC Group proudly served as the sole financial advisor to Ayurcann Holdings Corp. in this transaction, providing strategic guidance and expertise to ensure a successful business combination.

About ARC Group

ARC Group is a global financial services and advisory firm with deep roots in Asia. We specialize in bridging markets between Asia, the US, and Europe. Established in 2016, we have grown to become a global leader in SPAC and IPO advisory. In 2020, we were recognized as the best global mid-market investment bank, and in 2022, we topped SPAC M&A charts both in the number of transactions and transactional value. Our services include IPOs, M&A, Financing, Venture Capital, and SPACs. With offices in 12 countries across 3 continents, your achievements are our reason for existence, and your growth is our passion.

For more information or any questions, please contact:

Ian Hanna
Managing Director
[email protected]

For media inquiries, please contact:

Anna Sahlberg Carlsson
Marketing Manager
[email protected]