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Kaival Brands Innovations Group, Inc. (NASDAQ:KAVL), currently trading at $0.67 per share with a market capitalization of $7.74 million, announced Wednesday that it has mutually agreed with Delta Corp Holdings Limited to terminate their previously planned business combination. The decision was formalized through a Business Combination Termination and Release Agreement executed on September 11.
According to a statement in the SEC filing, the termination agreement ends the merger arrangement originally set forth in a Merger Agreement dated September 23, 2024. The agreement involved Kaival Brands, which currently maintains impressive gross profit margins of 82.6% and holds more cash than debt on its balance sheet, Delta Corp Holdings Limited (England and Wales), Delta Corp Holdings Limited (Cayman Islands), KAVL Merger Sub Inc., and Delta Corp Cayman Limited.
Under the terms of the termination, both parties have agreed to release one another from all claims related to the merger agreement and any related ancillary agreements. The filing states that Delta Corp Holdings Limited has waived any and all claims against Kaival Brands that arise from or are connected to the merger arrangement.
The company’s common stock continues to trade on The Nasdaq Stock Market under the symbol KAVL.
This information is based on a statement provided in a press release filed with the Securities and Exchange Commission.
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