XS Financial Announces Securityholder Approval of Arrangement

XS Financial Inc. (CSE:XSF) has received securityholder approval for its planned acquisition by XS Acquisition Portfolio LLC. This affiliate of a US alternative asset fund will acquire all outstanding subordinate and proportionate voting shares of XS for a cash purchase price of Cdn$0.05265 per SV Share and Cdn$52.65 per PV Share.

The approval rates at the September 9, 2024 meeting were overwhelmingly in favor. Votes in favor included 99.297% of SV Shares and 100% of PV Shares. The transaction also received 99.62% approval from combined SV and PV Shares, Options, and Warrants holders.

The arrangement is expected to be finalized on or about September 23, 2024, following court-approved procedures under British Columbia’s Business Corporations Act. Conditions such as court and regulatory approvals remain pending.