Mercer Park Brand Acquisition, after sustaining heavy redemptions last week on a merger deadline extension, today annouced a $50 million PIPE from TPCO Holdings to support the SPAC’s acquisition of cannabis company Glass House.
With that additional investment Mercer Park has now raised $135 million of private placement capital in connection with the transaction.
The SPAC said last week that more than 22 million shares were redeemed in connection with the extension to July 30. That leaves approximately $266 million in the SPAC’s trust.
Announced in April, the purchase price on the deal is $567 million. The SPAC raised $402.5 million in an IPO two years ago. Read more.
