This afternoon Subversive Capital Acqusition Corp (NEO: SVC.A.U) held a conference call where the company’s newly appointed Chief Visionary Officer Shawn “Jay-Z” Carter made an appearance. He made it clear he will be play a big role with the newly formed issuer and why he got involved.
During the investor call, he stated “The idea was to create a brand, a house of brands and create opportunity for those that were negatively impacted by this prohibitionary era. And all the disproportionate laws and the ways the laws were set up to effect black and brown people.”
He went on to say that after meeting future Chairman Michael Auerbach he quickly became friends and completed a deal within 3 weeks. Carter went on to say, “Everything just felt right. He (Michael) had a social equity part, which was of interest to us.” And speaking to his involvement with the company he said, “We’re super excited and we want to collaborate with a lot of people in the space, and be uniquely positioned to be right at the forefront once this prohibition era ends to take full advantage and create opportunities for minorities in the space; which is very exciting for me.”
The new SPAC sees the merger of two top California operators, Caliva and Left Coast Ventures, which will create a fully vertical platform with cultivation, manufacturing, brands, retail and delivery to support further brand development and an aggressive M&A strategy. The Company expects combined pro forma revenues of $334 million in 2021.
In case you missed it yesterday, Chairman Michael Auerbach joined our very own SmallCapSteve, and discussed the operation at length. Auerbach showed enough confidence in the deal to even offer a prediction in where he sees the share price at this time next week, saying “As of yesterday we’re coming to the market at a 56% discount… This stock is going to be $15, $16 bucks next week.“
Subversive Capital Acquisition Corp. last traded at $10.13 on the Neo Exchange with over 1.8M shares traded on the exchange.
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