Cannabis SPAC Canna-Global Acquisition Prices US$200 Million IPO
Special purpose acquisition company Canna-Global Acquisition Corp. (Nasdaq: CNGLU) started trading publicly on the Nasdaq Global Market yesterday. The company is seeking to raise US$200 million in its initial public offering.
The offering consists of 20.0 million company units priced at US$10.00 per unit. Each unit is composed of one Class A common share and one purchase warrant redeemable for one Class A common share at US$11.50 per share.
The company units trade on the Nasdaq big board under the symbol “CNGLU”. Once the securities separate, the company shares and warrants will trade under the ticker symbols “CNGL” and “CNGLW”, respectively.
The proposed offering is being managed by EF Hutton as the sole bookrunner. The company granted the underwriters a 45-day over-allotment option to purchase additional 3.0 million company units at the same IPO price.
The offering is expected to close on December 2, 2021, subject to customary closing conditions.
The newly-organized blank check company is being led by the CEO of Hong Kong-headquartered CASH International Asset Management, J. Gerald Combs. On its target firms for businesses combination, the company is looking into firms in the medicinal cannabis or cannabinoid industry.
Information for this briefing was found via Edgar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.