07:06 AM EDT, 05/27/2024 (MT Newswires) -- Ayr Wellness (AYR-A.CN), a U.S. multi-state cannabis operator, over the weekend reported the expiry of about 2.9 million warrants exercisable to acquire the same number of subordinate, limited, and restricted voting shares at US$9.07.

Under the company's amended and restated articles, the multiple voting shares of the company were automatically converted into equity shares on a one-for-one basis, effective as of May 24, being the date that was 60 months from the date of the first issuance of a multiple voting share.

In more company news, Mercer Park CB LP filed an early warning report about its ownership interests and those of Jonathan Sandelman, the executive chair of AYR Wellness.

The news release relates to multiple voting shares; subordinate, restricted, and limited voting shares; equity share purchase warrants, which are each exercisable for one equity share at US$2.12 until Feb. 7, 2026; equity share purchase warrants, which are each exercisable for one equity share at US$9.07 until May 24; and restricted stock units; restricted exchangeable shares, which are each exchangeable for one equity share.

The filer was granted about 3.7 million multiple voting shares on May 24, 2019. Under the amended and restated articles of the company, the multiple voting shares were automatically converted into equity shares on a one-for-one basis, effective as of May 24, being the date that was 60 months from the date of the first issuance of a multiple voting share.

The equity shares purchased by the filer upon the conversion represent beneficial ownership and control over about 3.7 million equity shares, representing about 3.62% of the issued and outstanding equity shares as of May 23.

Before the conversion, the filer had beneficial ownership and control over about 3.7 million multiple voting shares, representing 99.49% of the issued and outstanding multiple voting shares as of May 23; about 2.1 million equity shares, representing 2.11% of the issued and outstanding equity shares as of May 23; about 2.9 million original warrants, representing 100% of the issued and outstanding original warrants as of May 23; about 1.7 million anti-dilutive warrants, representing 7.59% of the issued and outstanding anti-dilutive warrants as of May 23; and RSUs, which are convertible into about 1.1 million equity shares, 250,000 of which are conditional RSUs that are currently out of the money, representing 1.12% of the issued and outstanding equity shares as of May 23.

Following the conversion, the filer has beneficial ownership and control over about 5.8 million equity shares as of May 23, representing 5.53% of the issued and outstanding equity shares as of May 23; about 1.7 million anti-dilutive warrants, representing 7.59% of the issued and outstanding anti-dilutive warrants as of May 23; and RSUs which are convertible into roughly 1.1 million equity shares, 250,000 of which are conditional RSUs, representing 1.08% of the issued and outstanding equity shares as of May 23.