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Cannabis-focused SPAC Northern Lights Acquisition files for a $100 million IPO

June 2, 2021
NLITU

Northern Lights Acquisition, a blank check company targeting the cannabis industry, filed on Wednesday with the SEC to raise up to $100 million.

The Denver, CO-based company plans to raise $100 million by offering 10 million units at $10 per unit. Each unit contains one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, the company would command a market value of $130 million.

The company is led by Co-CEOs and Directors John Darwin and Joshua Mann, the co-founders and Managing Partners of Canadian merchant bank Luminous Capital. Darwin most recently was the co-founder and President of US-based dispensary franchisor OCG (ONE Cannabis). Mann also currently serves as the Interim CEO of INDVR Brands (CSE: IDVR). The company aims to leverage management's experience to target businesses in the cannabis industry, specifically focusing on those in the financing, branded products, branded retail operations, cultivation and processing, and technology subsectors.

The company was founded in 2021 and plans to list on the Nasdaq under the symbol NLITU. Kingswood Capital Markets is the sole bookrunner on the deal.