Mercer Park Brand Acquisition said holders of the SPAC’s class A restricted shares voted to extend the deadline for completing a merger with cannabis company Glass House Group until July 30.
The SPAC said more than 22 million shares were redeemed in connection with the extension. That leaves approximately $266 million in the SPAC’s trust, including an $85 million PIPE expected to close concurrently with the transaction.
Announced in April, the purchase price on the deal is $567 million. The SPAC raised $402.5 million in an IPO two years ago. Read more.
