Greenrose Acquisition shareholders voted in favor of the proposed business combination with Connecticut-based Theraplant and the acquisition of certain assets of Arizona-based True Harvest.
The SPAC announced a week ago today it had secured additional PIPE funding of more than $10 million as a backstop against any redemptions, which amounted to 15,261,688 shares, the SPAC disclosed in an 8-K filing. Greenrose estimates about $20 million will remain in its trust account.
Upon closing, which is expected early next month, the combined company will be named The Greenrose Holding Company and will continue to list on the OTC under GNRSU, GNRS and GNRSW, for units shares and warrants. Greenrose also intends to list on the NEO exchange as soon as practicable after the close.
The SPAC has pending mergers with two other cannabis companies. 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.
When the four deals were announced in March, terms called for Greenrose to acquire the companies for $170 million in cash, $15 million in stock and $25 million in debt. Read more.
