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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.
Canna-Global Acquisition Corp (NASDAQ:CNGLU) has successfully closed its initial public offering (IPO) of 20 million units at $10.00 per unit, raising $230 million in gross proceeds, following the full exercise of the over-allotment option for an additional 3 million units. Each unit comprises one share of Class A common stock and one redeemable warrant. The units began trading on November 30, 2021, with plans for separate trading of the stock and warrants under ticker symbols CNGL and CNGLW.
The company aims to pursue business combinations primarily in the medicinal cannabis industry.
Canna-Global Acquisition Corp (NASDAQ: CNGLU) has successfully priced its initial public offering (IPO) at $200 million, consisting of 20 million units at $10.00 per unit. This IPO is set to commence trading on November 30, 2021. Each unit includes one share of Class A common stock and a redeemable warrant priced at $11.50. The Company aims to engage in a merger or acquisition within the medicinal cannabis sector, ensuring compliance with U.S. laws. Closing of the offering is anticipated on December 2, 2021.