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Canna-Global Acquisition Corp. (OTC PINK: CNGL) announced the signing of a letter of intent (LOI) for a merger with Invest Inc., a fintech company specializing in machine-learning investment platforms. Valued at $250 million, this transaction aims to make Invest Inc. a publicly traded entity in the U.S. J. Gerald Combs, CEO of Canna-Global, emphasized the potential shareholder value creation, while David Kugelman, newly appointed CEO of Invest Inc., highlighted the strategic growth and market presence benefits. The LOI has been unanimously approved by both companies' boards, with the transaction pending due diligence, definitive agreements, and shareholder approvals. Stockholders of Canna-Global will have the right to redeem their shares if they disapprove of the transaction.
Continental Stock Transfer & Trust Company has announced it will guarantee the payment of full trust value for 724,000 Class A common shares of Canna Global Acquisition Corp. (NASDAQ: CNGL) in the event of a redemption or liquidation. This action follows Liqueous LP's failure to return the shares, which were issued based on instructions from Canna Global that violated its Certificate of Incorporation. With no agreement from Liqueous LP to guarantee the payment, Continental has stepped in to ensure shareholders are compensated. This guarantee aims to stabilize shareholder confidence and mitigate potential adverse effects on the company's stock value.
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