Subversive Capital Acquisition announced today that after processing the notices of redemption received prior to the redemption deadline the company will have $381 million to execute on its growth strategy.
The SPAC plans to acquire CMG Partners, Inc. (known as Caliva) and Left Coast Ventures, to form TPCO Holding Corp. The SPAC also entered into agreements with entrepreneur and MONOGRAM founder, Shawn “JAY-Z” Carter, and entertainment company Roc Nation.
“The limited redemptions reaffirm investor confidence for the parent company and our vertically integrated strategy to consolidate and dominate the California cannabis market,” said Michael Auerbach, Chairman of Subversive Capital and its parent company. “We are grateful for our shareholders’ support and look forward to the anticipated close of the transaction later this week.”
The SPAC in a press release did not cite the volume of redemptions in connection with the pending transaction. Subversive Capital trades on the OTC under SBVCF.
The deal is expected to close Jan. 15. Read more.
