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Cannabis SPAC Tuatara Capital Acquisition prices upsized $175 million IPO

February 12, 2021
TCACU

Tuatara Capital Acquisition, a blank check company formed by Tuatara Capital targeting the cannabis industry, raised $175 million by offering 17.5 million units at $10. The company offered 2.5 million more units than anticipated. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.

The company is led by CEO and Director Albert Foreman, co-founder, Managing Partner, and CIO of cannabis sector-focused private equity firm Tuatara Capital; COO and Director Mark Zittman, co-founder and a senior advisor at Tuatara Capital; and Chairman Richard Taney, a senior advisor at Tuatara Capital and former CEO of Curaleaf (TSXV: CURA). The company plans to target businesses in the cannabis industry that are compliant with all applicable laws and regulations within the jurisdictions in which they are located or operate.

Tuatara Capital Acquisition plans to list on the Nasdaq under the symbol TCACU. J.P. Morgan and BMO Capital Markets acted as lead managers on the deal.