Cannabis SPAC Stable Road Acquisition files for a $150 million IPO

Stable Road Acquisition, a blank check company targeting the cannabis industry, filed on Friday with the SEC to raise up to $150 million in an initial public offering

The Venice, CA-based company plans to raise $150 million by offering 15 million units at a price of $10. At $10, Stable Road Acquisition would command a market value of $193 million. Each unit consists of one share of common stock and one half of one warrant to purchase common stock at a price of $11.50 per share.

Stable Road Acquisition was founded in 2019 and plans to list on the Nasdaq under the symbol SRACU. Cantor Fitzgerald is the sole bookrunner on the deal.