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.
ADVISORS
- 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.
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