Cannabis SPAC Clover Leaf Capital Prices US$125 Million IPO

Special purpose acquisition company Clover Leaf Capital Corp. started trading its securities on the Nasdaq Capital Market today. The firm priced its initial public offering today, aiming to raise total proceeds of US$125.0 million.

The offering will entail selling 12.5 million units priced at US$10.00 per unit. Each unit is composed of one Class A common share and one right. Each right is entitled to 1/8 of one whole Class A common share once the company conducts its initial business combination.

The company units trade on the Nasdaq big board under the symbol “CLOEU”. Once the securities separate, the company shares and rights will trade under the ticker symbols “CLOE” and “CLOER”, respectively.

The proposed offering is being managed by Maxim Group as the sole underwriter, which the company granted a 30-day over-allotment option to purchase additional 1.875 million company units.

The offering is expected to close on July 22, 2021, subject to customary closing conditions.

Clover Leaf Capital intends to transact with businesses in the cannabis industry.

Information for this briefing was found via Sedar and Clover Leaf. 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.

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