Merida Merger I and Leafly Holdings, an online cannabis discovery marketplace and resource for cannabis consumers, today announced that the SEC has declared Merida’s registration statement on Form S-4 effective.
A Jan. 14 shareholder meeting is scheduled for the vote.
Merida stockholders in October granted an extension for SPAC’s merger deadline, which was due to expire Nov. 7.
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. Read more.
