Akanda Corp. Announces Closing of Share Exchange with First Towers and Fiber Corp.

Core Points - Akanda Corp. has completed the share exchange transaction with First Towers & Fiber Corp., making First Towers a wholly owned subsidiary [1][2] - The transaction involved the acquisition of all common shares of First Towers, with Akanda issuing convertible Class A and Class B Special Shares to former First Towers shareholders, pending shareholder approval [1][3] - Akanda reaffirms its commitment to developing its pre-revenue Canadian farming property in British Columbia for THC and CBD facilities [6] Transaction Details - The closing of the transaction was effective on August 21, 2025, and Akanda did not issue any common shares at that time [2][3] - The Class A Special Shares will be convertible into no more than 19.9% of Akanda's common shares, contingent upon shareholder approval at the upcoming special meeting on August 29, 2025 [3] - A promissory note will be issued to one former First Towers shareholder, equal to the value of their shares acquired by Akanda, and Akanda will assume First Towers' existing debts and liabilities [1][3] Future Plans - Akanda plans to hold a second special meeting to seek approval for the issuance of Class B Special Shares, which will be convertible into the remaining common shares for former First Towers shareholders [3] - The company expects its common shares to remain listed on the Nasdaq Capital Market under the ticker AKAN following the transaction [4]