SPACInsider Logo
Northern Lights (NLIT) Completes Safe Harbor Deal
by Marlena Haddad on 2022-09-29 at 10:07am

SHF Holdings, Inc (Nasdaq: SHFS), formerly known as Northern Lights Acquisition Corp. (Nasdaq: NLIT), announced in a press release this morning that it has finally completed its combination with cannabis finance provider Safe Harbor.

NLIT shareholders originally approved the transaction with Safe Harbor at its special meeting three months ago on June 29. At that time, the SPAC disclosed that it intended to close the business combination by June 30, but it made a $0.10 per share contribution to its trust in order to extend its transaction deadline to September 28, providing it with some flexibility.

SHF Holdings was also able to close a $20.45 million PIPE yesterday in the form of convertible preferred stock and warrants. In an effort to offset the reduced PIPE amount, Safe Harbor’s indirect parent Partner Colorado Credit Union, agreed to amend the Unit Purchase Agreement to provide for the deferral of approximately $57 million of the $70 million due to SHF at the closing of the business combination. This increase in the deferred cash consideration will be able to provide the company with additional cash to support its post-closing activities.

Now that the deal is complete, the company has changed its name to “SHF Holdings, Inc.”  Its Class A Common Stock and warrants will continue to be listed for trading on the Nasdaq Capital Market as Nasdaq: SHFS.

The SPAC initially announced its $327 million deal earlier this year on February 22. Arvada, Colorado-based Safe Harbor provides commercial banking and other financial services to the cannabis industry.


  • EF Hutton, division of Benchmark Investments, LLC, is serving as placement agent and capital markets adviser.
  • Nelson Mullins Riley & Scarborough LLP is serving as legal advisor to Northern Lights.
  • Donald T. Emmi, Esq. and David Waller, Esq. are serving as legal advisors to Safe Harbor and PCCU.
  • KCSA Strategic Communications is serving as public relations and investor relations advisor.
Recent Posts
by Kristi Marvin on 2023-01-28 at 1:59pm

Terms Tracker for the Week Ending January 27, 2022 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. We’re coming up on the end of January, the first month of the year, and to-date no new S-1s have been filed. Additionally, the number...

by Marlena Haddad on 2023-01-27 at 11:34am

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News: Circle spokesperson denies blaming SEC for failed deal, BuzzFeed CEO says AI-powered content will be part of core business, and FaZe Clan faces possible delisting Circle Spokesperson Denies Blaming SEC for Failed $9 Billion Deal...

by Nicholas Alan Clayton on 2023-01-27 at 10:00am

Health Sciences 2 (NASDAQ:HSAQ) announced that it closed its combination with Orchestra BioMed on January 26. HSAQ ahead of its vote pre-announced redemption figures of 1,597,888 shares equating to 67.7% redemptions, however, that’s still subject to change.  However, today it was noted that Orchestra BioMed is to receive $70 million in gross proceeds including $20...

by Kristi Marvin on 2023-01-27 at 7:33am

Carbon capture technology has long been talked about, and it is finally in operation with LanzaTech among the pioneers. Its plants are turning potential emissions into clothing, household goods and sustainable fuels. SPAC cash is now also an accelerant in this new process as the company announced a $1.7 billion combination with AMCI II last March. This week, we caught up with...

by Nicholas Alan Clayton on 2023-01-27 at 7:30am

In this series we’ll be examining successful SPAC deals from the past both in the terms and circumstances of their de-SPAC processes and how they have weathered the storms that have followed after their public listings with research from SPACInsider contributor Anthony Sozzi. Thirty months does not sound like that long, but it’s been a...

Privacy Policy|Terms Of Use
Copyright © 2022 SPACInsider, Inc. All Rights Reserved