Clover Leaf Capital, a blank check company backed by Yntegra Group targeting the cannabis industry, raised $125 million by offering 12.5 million units at $10. Each unit consists of one share of common stock and one right to receive one-eighth of a share upon the consummation of the initial business combination.
The company is led by CEO and Chairman Felipe MacLean, who founded the Yntegra Group and currently serves as CEO. He is joined by CFO Luis Guerra, who serves as co-founder and Managing Director of Vitax Partners.
Clover Leaf Capital intends to focus its search on US businesses in the cannabis industry with an enterprise value of $200 million or more that are compliant with all applicable laws and regulations within the jurisdictions in which they are located.
The Miami, FL-based company plans to list on the Nasdaq under the symbol CLOEU. Maxim Group LLC acted as sole bookrunner on the deal.
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