Northern Lights Acquisition announced late Friday that the shareholder vote scheduled that day on the proposed merger with Safe Harbor Financial has been pushed back to this afternoon.
No reason was given for the delay. Earlier this month the SPAC said it had secured a $50 million backstop to support the deal.
Announced in February, the SPAC intends to acquire Safe Harbor for $185 million, of which $70 million will be paid in cash and $115 million in shares of Northern Lights Class A common stock.
The combined company would have a $327 million valuation.
Safe Harbor provides financial services to the cannabis industry. Read more.
