Cannabis-focused Relativity Acquisition closed its initial public offering of 14.375 million units at $10 per unit, with each unit consisting of one share and a warrant. The amount includes 1.875 million units issued to the underwriters upon full exercise of their over-allotment option.
Each warrant is good for the purchase of one share at $11.50.
Units trade on the Nasdaq under the ticker symbol RACYU. After the securities begin separate trading, stock and warrants are expected to list under the symbols RACY and RACYW.
Relativity intends to focus on businesses in the legalized cannabis industry, including related industries such as consumer packaged goods, health & wellness, technology, pharmaceuticals, manufacturing, distribution, logistics and brand management. The management team and board of directors are composed of veteran cannabis and finance industry executives, led by Founder, Chairman and CEO Tarek Tabsh, who is co-founder of pharmaceutical company Oxford Cannabinoid Technologies.
Alliance Global Partners was sole book-running manager for the offering. Read more.
