Subversive Capital Acquisition Corp. Upsizes Offering From $36.5M To $63M
Subversive Capital Acquisition Corp. (OTCQX:SBVCF) announced Thursday it has upsized a previously announced private placement.
The cannabis-focused special-purpose acquisition company recently closed the largest cannabis SPAC deal in history, merging with Caliva, Left Coast Ventures and Shawn "JAY-Z" Carter’s Roc Nation.
The non-brokered private placement, which included subscription receipts and non-voting shares of a SCAC subsidiary, generated almost double the expected commitments.
The total amounted to $63 million, versus the previously projected $36.5 million.
Proceeds will be allocated to executing the growth strategy of TPCO Holding Corp., or The Parent Company, the business that will be created following the completion of the transaction to acquire CMG Partners, Inc. (Caliva) and Left Coast Ventures, Inc. The company expects to close the transaction on or around Jan. 15.
“The Private Placement reflects investor confidence in The Parent Company. Current investors in Caliva, LCV, and Subversive LPs doubled down on their support and we are also honored to have artists like Rihanna, Meek Mill, Yo Gotti, and DJ Khaled supporting The Parent Company with their investments,” said SCAC’s chairman Michael Auerbach in a press release.
Shares of SCAC spiked in the early morning, before returning to pre-market levels around 10:00 am ET.
Lead image by Ilona Szentivanyi. Copyright: Benzinga.
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