Canna-Global Acquisition Corp. (NASDAQ:CNGL) announced this morning that it has received written notice of the termination of its business combination with its previous merger partner, New Quantum.
Although the specific reason for the separation was not disclosed by either side, the announcement coincides with the recent resignation of Marco Bardelli, who served as the Chair of the Canna-Global board’s Governance and Nomination Committee. Mr. Bardelli cited his departure as a result of a heavy workload and upcoming business obligations.
Mr. Bardelli did not express any disagreements with the company regarding its operations, policies, or practices. Following his resignation as a director, the SPAC’s Board of Directors will be reduced from six to five members. Canna-Global board member Ms. Christine Cho will temporarily assume the role of Chair for the Governance and Nomination Committee until a permanent replacement is appointed.
As a result of the deal termination, Canna-Global now plans to promptly assess alternative business combination prospects. But, it currently has a completion deadline less than two months away on December 2.
Although Canna-Global raised $233 million in gross proceeds from its IPO in November 2021, it saw 89.7% of this redeemed in a November 2022 meeting, leaving it with $24.3 million post-vote. It originally set out to combine with a target business focused on driving growth in the medicinal cannabis or cannabinoid industry.
The SPAC initially announced its $800 million deal with New Quantum in June. Sydney-based New Quantum provides white-labeled fintech and IT solutions for Australia’s wealth management industry.
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