As previously announced to the ASX on 3 February 2020, Elixinol Global Limited (Elixinol or the Company) (ASX:EXL; OTC:ELLXF) had agreed to sell its subsidiary Hemp Foods Australia Pty Ltd (HFA) to ????????????, a subsidiary of Shanghai Shunho New Materials Technology Co., Ltd (Shunho) for cash consideration of A$500,000 pursuant to a share purchase agreement (SPA).
On 25 May 2020, Shunho terminated the SPA due to non-satisfaction of a condition precedent in the SPA, citing COVID-19 impacts. As a result, the Company will continue to operate the HFA business pending an evaluation of all opportunities to capitalise on HFA’s strong position.
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