Cannabis SPAC Canna-Global Prices NASDAQ IPO At $200M

Canna-Global Acquisition Corp CNGLU reported Monday that it priced its initial public offering of $200 million, consisting of 20 million units at $10.00 per unit. The units, listed on the Nasdaq Global Market, started trading Tuesday, November 30, 2021, under the ticker symbol "CNGLU".

Each unit consists of one share of the Company's Class A common stock and one redeemable warrant entitling the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the shares of Class A common stock and warrants are expected to be listed on the Nasdaq under the symbols "CNGL" and "CNGLW" respectively.

Canna-Global Acquisition Corp is a blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities.

The company has not selected a business combination target and has not, nor has anyone on its behalf, initiated any substantive discussions, directly or indirectly, with any business combination target. It intends to focus its search for a target business 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. The company is led by its chief executive officer J. Gerald Combs.

EF Hutton, division of Benchmark Investments, LLC, is acting as sole book-running manager for the offering. The company has granted underwriters a 45-day option to purchase up to an additional 3 million units at the initial public offering price to cover over-allotments if any.

The offering is expected to close on December 2, 2021, subject to customary closing conditions.

Price Action

Canna-Global’s shares traded 0.25% higher at $10.12 per share at the time of writing Wednesday morning.

Photo: Courtesy of Kym MacKinnon on Unsplash