Merida Merger I in an 8-K filing disclosed that its stockholders voted in favor of extending the SPAC’s merger dealine until Dec. 31. The deadline was due to expire Nov. 7.
Merida is in a pending merger with Leafly Holdings, an online cannabis marketplace.
The transaction values the combined company at an implied, fully diluted enterprise value of approximately $385 million and equity value of approximately $532 million, subject to redemptions by Merida stockholders.
Existing Leafly shareholders will roll 100% of their existing stake in Leafly and, upon closing, are expected to own approximately 72% of the combined company on a pro forma basis, assuming the company receives all of the proceeds currently held in trust.
Announced in August, the transaction is expected to generate proceeds of up to $161.5 million, again, subject to any redemptions. This includes Leafly’s $31.5 million capital raise led by cannabis-focused investors, including Merida Capital Holdings, Delta Emerald Ventures, SOJE Capital, and Leafly’s existing shareholder base. The deal is expected to close in the fourth quarter.
If approved, upon completion Leafly stock is expected to list on the Nasdaq under LFLY. Read more.
