Poda Holdings Inc. (OTCMKTS:PODAF) is actively involved in commercializing heat-not-burn smoking products, in order to minimize risks associated with combustible smoking products. It has come up with a patented HNB system that uses proprietary biodegradable single-use pods. Thus, it prevents cross-contamination between the heating devices and the pods, eliminating all cleaning requirements and providing users with a reduced-risk smoking experience. The HNB system is patent in Canada, with more patents pending in 65 other countries.
Trading Data
On Friday, PODAF stock gained 5.38% to $0.28 with more than 25K shares, compared to its average volume of 18K shares. The stock moved within a range of $0.2641 – 0.2900 after opening trade at $0.2641.
PODA Completes Multiparty Sale of Intellectual Property Assets for US$100.5 Million
Poda Holdings, Inc. has announced on June 24, 2022 that as per its news release dated May 13, 2022, the company, along with owners Ryan Selby and Ryan Karkairan, has officially completed the sale of substantially all of the assets and properties used in the company’s business.
The buyer is Altria Client Services LLC, a subsidiary of Altria Group, Inc., and the purchase price is US$100.5 million, depending upon certain adjustments and holdbacks, pursuant to a definitive agreement dated May 13, 2022 (Asset Purchase Agreement).
As per the Asset Purchase Agreement, Poda Holdings Inc. will change its name to Lifestyle Inc. and its trading symbol to IDLE.X, and expects to trade as an inactive issuer under the policies of the Canadian Stock Exchange. The agreement also states that the company expects to retain around CDN$1 million in cash, to explore other business opportunities, for the economic benefit of its shareholders.
According to the transaction, Poda Holdings Inc. and its owners have sold all of the assets and properties used in the business of developing, manufacturing, and marketing multi-substrate heated capsule technology, including, without limitation, the owners’ patents related to such technology and the company’s exclusive, perpetual license of certain of those patents pursuant to an amended and restated royalties agreement dated April 12, 2019.
Poda’s Chief Executive Officer, Director and Chairman of Board of Directors, Ryan Selby, stated that the completion of this sale reflects the culmination of a tremendous amount of effort from the entire Poda team. He praises their efforts and accomplishments. He is also confident this transaction provides maximum value for the company and its shareholders. He is certain their innovative technology is now in good hands with Altria.
Key Quote
Ryan Selby, PODA’s Chief Executive Officer, Director and Chairman of the Company’s board of directors (the “Board”), commented, “The completion of this sale represents the culmination of a tremendous amount of effort from the entire Poda team, and I am extremely proud of what we have accomplished. I believe this Transaction provides maximum value for the Company and its shareholders, and I know our innovative technology is now in good hands with Altria.”
