Northern Lights in a regulatory filing today announced that shareholders voted late yesterday in favor of merging with Safe Harbor Financial, which provides banking and financial services for the cannabis industry.
The SPAC said 12,133,730 shares were voted in support of the business combination, with 150,112 against. Northern Lights had previously disclosed redemptions of 11,416,205 shares. However, a $50 million backstop and forward purchase agreement of $39 million will bolster the deal.
As announced in February, the SPAC would acquire Safe Harbor for $185 million, of which $70 million was to be paid in cash and $115 million in shares of Northern Lights Class A common stock. The deal was originally valued at $327 million.
Northern Lights has also said the goal is to close the merger by tomorrow, but by infusing the trust with $1.15 million, the SPAC bought some wiggle room by extending the closing deadline to Sept. 28, if necessary. Read more.
