Greenrose Acquisition said it intends to delist from the Nasdaq, effective prior to the June 21 market open. The reason for the delisting is that upon closing of its previously announced business combinations, Greenrose expects to become a U.S. cannabis company with plant-touching operations and would no longer be in compliance with Nasdaq rules.
Greenrose expects to list instead on the OTCQX Best Market, with shares expected to begin trading June 21.
The SPAC in March announced definitive agreements to acquire four cannabis companies: Shango Holdings, Futureworks, (d/b/a The Health Center), Theraplant and True Harvest.
Terms call for Greenrose to acquire the companies for approximately $210 million, consisting of $170 million in cash, $15 million in stock and $25 million in debt. Read more.
