Northern Lights Acquisition priced its IPO of 10 million units at $10 each. Units begin trading today on the Nasdaq under NLITU. Each consists of one share of the Company’s Class A common stock and one-half of one redeemable warrant, with whole warrants exercisable for a share at $11.50.
Once the securities comprising the units begin separate trading, shares of the Class A common stock and warrants are expected to list under NLIT and NLITW respectively.
The SPAC will concentrate on companies in the cannabis industry.
EF Hutton is sole bookrunner for the offering. The underwriter has a 45-day option to purchase up to an additional 1.5 million units to cover any over-allotments.