Canna-Global Acquisition in an 8-K received written notice that New Quantum had terminated the parties’ merger agreement. No reason was given.
Sydney-based New Quantum Holdings Pty Ltd. had an estimated proforma enterprise value of $800 million. The company provides wealth management all-in-one Fintech as a Service.
Financing details were scant in the press release announcing the deal in June. Canna-Global had disclosed in March that redemptions ahead of its November 2022 extension vote removed approximately $212 million from trust, leaving about $24.3 million.
Following a November 2021 IPO, Canna-Global was initally focused on target businesses addressing a large market opportunity in the medicinal cannabis or cannabinoid industry. Read more.
