The OTC Markets Group (OTCQX: OTCM) introduced that the newest cannabis SPAC Mercer Park Model Acquisition Corp. (OTCQX: MRCQF), buying and selling at the moment on OTCQX beneath the image “MRCQF.” Mercer Park has mentioned it was shaped with the intent to give attention to branded product companies in cannabis and/or cannabis-adjacent industries. Mercer Park Model Acquisition Corp. is the fourth Particular Objective Acquisition Firm (SPAC) to hitch OTCQX prior to now 12 months.
“Buying and selling our shares on the OTCQX® Market will elevate the Mercer Park Model SPAC profile and improve liquidity forward of our upcoming Qualifying Transaction. Qualifying to commerce on the OTCQX® Finest Market displays our dedication to holding our Firm to the very best requirements of disclosure, company governance, and compliance,” mentioned Jonathan Sandelman, CEO and Chairman of Mercer Park LP.
The Mercer Park SPAC executed a letter of intent in reference to a possible transaction, which might if consummated, qualify as its qualifying transaction. Accordingly, the corporate will probably be permitted till Might 13, 2021 (24 months following the closing of its preliminary public providing) to conclude its qualifying transaction. The SPAC was initially shaped in 2019 when it proposed an IPO of $250 million.
Mercer Park, the sponsor of Mercer Park Model is a restricted partnership not directly managed by Mercer Park, L.P., a privately-held household workplace based mostly in New York, New York.
Mercer Park Model’s board of administrators:
- Jonathan Sandelman (Chairman), Chief Govt Officer of Mercer Park, L.P.
- Sean Goodrich, Chief Govt Officer and Co-Founding father of American Household of Manufacturers.
- Charles Miles, Advisor, Recapture Companions.
Mercer Park Model’s officers are:
- Louis Karger, Chief Govt Officer.
- Carmelo Marrelli, Chief Monetary Officer and Company Secretary.
Mercer joins what’s turning into a crowded SPAC panorama within the cannabis trade. Earlier this month, Greenrose Acquisition Corp. (NASDAQ: GNRSU, GNRS, GNRSW) mentioned it had entered into definitive agreements to amass 4 cannabis firms, which it has dubbed The Platform. The businesses are Shango Holdings Inc. (Shango), Futureworks LLC (d/b/a The Well being Heart), Theraplant, LLC, and True Harvest, LLC. The whole preliminary transaction worth is $210 Million with a most earnout of $110 million. Greenrose plans to provoke an providing of $150 million in fairness and debt securities and plans to make use of the online proceeds for the acquisition of the Platform and common company functions.
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