TPCO Holding Corp., doing business as The Parent Co.. announced a restructuring in an effort to save millions of dollars in the coming years.
Under the arrangement, Shawn “Jay-Z” Carter affiliates and Roc Nation will return 7.1 million common shares of the company – a move that’s projected to save roughly $33.5 million in top-line costs over an eight-year period, according to a news release.
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Roc Nation will also forgo future Parent Co. equity payments, while SC Branding has agreed to forgo future cash and/or equity payments.
The terms allow Roc Nation and Jay-Z affiliates, who are expected to remain substantial shareholders, to continue working with The Parent Co. on innovation, brand strategy and social equity opportunities, according to the release.
As part of the deal, ownership of the Monogram brand will transfer to an entity designated by SC Branding and Shawn “Jay-Z” Carter.
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