In order to facilitate the closing of Greenrose Acquisition’s proposed mergers with cannabis operators, the SPAC in an 8-K filing said it had secured a PIPE agreement with an affiliate of Yorkville Advisors Global. The investor has agreed to commit to purchase up to 1 million shares on the open market for up to $10.14 per share.
Two of the SPAC’s four deals are pending regulatory approval.
Greenrose shareholders are set to vote Oct. 27 on the proposed acquisition of Connecticut-based Theraplant, and certain assets of Arizona-based True Harvest.
If each business combination transaction is approved, the parties anticipate that the deals will close Nov. 1.
Greenrose expects to proceed with its planned mergers with Shango Holdings and Futureworks at a later date due to the time required to obtain state regulatory approvals.
Since the deals were announced in March, Greenrose voluntarily delisted from the Nasdaq to trade on OTCQX, extended its merger deadline three times and borrowed $450,000 from its sponsor. Read more.
