Canna-Global Acquisition in a proxy filing seeks a termination deadline extension up to December 2023 in monthly increments. A shareholder vote on the proposal is set for Nov. 22.
Since its November 2021 IPO, in which the SPAC raised $200 million, management said they have signed two non-binding letters of intent with potential merger targets. Negotiations for a definitive agreement with one of those targets are underway, but management believes there is insufficient time to close a deal before the current Dec. 2 deadline.
Canna-Global estimates that the per-share price at which the public shares may be redeemed from cash held in the trust account will be approximately $10.22 at the time of the special meeting.
The SPAC has said it is focused on target businesses addressing a large market opportunity with a company that is driving its growth in the medicinal cannabis or cannabinoid industry, which is compliant with all applicable laws and regulations within the jurisdictions in which it is located or operates. Read more.
