Canna-Global Acquisition Corp.’s $200 Million IPO

Rimon advised Canna-Global Acquisition Corp. on the deal.

Canna-Global Acquisition Corp., a special purpose acquisition company aiming to create a multinational cannabis operator, began trading on the Nasdaq after raising $200 million in an initial public offering,

The blank-check company, which is targeting the cannabis industry and trading under the ticker “CNGLU,” priced its IPO at $10 per unit, selling 20 million units. Each unit includes one share of common stock and one whole warrant, which the unitholder can redeem for one share of common stock for $11.50, according to the announcement.

The company is led by CEO and director Gerald Combs, an investment professional who also serves as the CEO of CASH International Asset Management Ltd., a Hong Kong-headquartered asset management business. The SPAC’s chief financial officer is George Koi Ming Yap, who also runs the Sydney, Australia-based financial consulting firm KMYG Global.

Investment bank EF Hutton, a division of Benchmark Investments, serves as the IPO’s sole bookrunner, according to the announcement.

The Rimon PC team was led by Debbie A. Klis (Picture) and David Mittelman.

Involved fees earner: Debbie Klis – Rimon PC; David Mittelman – Rimon PC;

Law Firms: Rimon PC;

Clients: Canna-Global Acquisition Corp.;

Martina Bellini

Author: Martina Bellini