Northern Lights Acquisition announced that it has completed its merger with Safe Harbor Financial, which provides banking and financial services for the cannabis industry. The SPAC’s shareholders had approved the deal precisely three months ago today.
With the transaction now complete, SHF Holdings stock and warrants will continue to be listed for trading on the Nasdaq.
The SPAC also closed a $20.45 million PIPE of convertible preferred stock and warrants. To offset the reduced PIPE, Partner Colorado Credit Union, Safe Harbor’s indirect parent, agreed to a further amendment to the deal’s unit purchase agreement to defer approximately $57 million of the $70 million due to the seller at closing. The unit purchase agreement had been amended earlier this month to defer $30 million of the purchase price.
The SPAC will pay the deferred cash consideration in six equal installments payable beginning on the first business day following Jan. 1, 2023.
The deal was originally valued at $327 million at announcement in February. Read more.
