Fiji Kava Limited (ASX:FIJ) entered into a binding agreement to acquire Kula LLC on October 3, 2022. Fiji Kava will acquire Leilo in all stock. Fiji Kava Limited (ASX:FIJ) will acquire Kula for consideration of 16 million FIJ shares and receive 1.13 million shares of Kula. Shares issued to Kula shareholders will be under escrow for 12 months. In a related transaction, Fiji Kava has completed a placement of AUD 1.6 million to sophisticated and institutional investors. Leilo's five USA based employees will join The Calmer Co USA and Fiji Kava Limited team. The issue of shares to Kula shareholders is subject to Fiji Kava shareholder's approval. The transaction is expected to close on or before 31st October 2022. Following the completion of the merger with Kula LLC the shots will be sold through The Vitamin Shoppe. Shareholder approval and regulatory approvals have been granted. Completion of the relevant disclosures and execution of final agreements is expected in mid-January 2023. As of February 8, 2023, the acquisition of Leilo will not proceed under the terms approved by shareholders and the exclusive negotiation period with Leilo Inc has ceased.

Fiji Kava Limited (ASX:FIJ) cancelled the acquisition of Kula LLC on February 8, 2023.