Adnant Concepcion Acquisition registered to offer 1 million units. Each consists of one share of Class A common stock, one-ninth of one redeemable warrant and a contingent right to receive at least two-ninths of one redeemable warrant following any initial business combination.
Adnant plans to target companies in the cannabis industry.
The new SPAC is led by Chairman and CEO Sabas Carrillo, the founder and CEO of Adnant, LLC, an accounting and consulting firm focused on the cannabis industry.
Westpark Capital is sole book-runner on the deal. The underwriters have a 45-day option to purchase up to an additional 150,000 units to cover any over-allotments.
The SPAC has applied for a listing on the OTCQX but has not yet selected a ticker symbol. Read more.