Greenrose Acquisition Corp. concludes agreements for additional capital of up to $ 103 million
AMITYVILLE, NY, August 05, 2021 (GLOBE NEWSWIRE) – Greenrose Acquisition Corp. (OTC: GNRSU, GNRS, GNRSW) (Greenrose), a special purpose acquisition company targeting companies in the cannabis industry, has entered into deals for up to $ 103 million in SunStream capital Bancorp (âSunStreamâ), a joint venture initiative sponsored by Sundial Growers Inc. (Nasdaq: SNDL). SunStream’s investment includes $ 78 million in a multi-tranche senior secured loan facility and $ 25 million in unsecured convertible notes.
With the closing of the SunStream financing, and assuming no buyouts from Greenrose shareholders, the company will have up to $ 276 million to fund its growth strategy. In addition to the Senior Secured Loan and Convertible Notes, Greenrose reserves the right to raise additional capital through a private placement, in the form of convertible unsecured notes and common shares, from investors. accredited and institutional.
Closing of the SunStream financing is expected to occur concurrently with Greenrose’s anticipated closing of its de-SPAC business combination and is subject to customary closing conditions.
âWe are grateful for the support of our lenders and investors as we continue to work towards closing our business combination,â said Mickey Harley, CEO of Greenrose Acquisition Corp. âThis additional capital gives us greater flexibility to achieve our growth objectives, and we will remain focused on creating value for our shareholders as we transition to an exciting and dynamic operating company. It is important to note that this investment and partnership with SunStream is both financially and strategically beneficial to Greenrose. Greenrose and SunStream are both aligned to complete our business combination and continue to grow Greenrose. “
Additional terms of the loan and private placements are expected to be disclosed in subsequent filings with the United States Securities and Exchange Commission (âSECâ).
On Friday August 6, 2021, Greenrose also intends to notify the escrow depositary of a one month extension of the closing period for the completion of a first business combination until September 13, 2021.
No offer or solicitation
This communication does not constitute an offer to sell or the solicitation of an offer to buy securities, nor a solicitation of votes or proxies in connection with a meeting of shareholders of Greenrose.
Imperial Capital, LLC acts as an advisor on the capital markets of Greenrose. Gateway Group serves as a communications advisor to Greenrose. Mackenzie Partners and Broadridge Financial Solutions are acting as proxy advisors to Greenrose in connection with its proxy solicitation efforts.
Greenrose Acquisition Corp. is a special purpose acquisition company organized for the purpose of effecting a merger, share swap, asset acquisition, share purchase, recapitalization, reorganization or other similar business combination with a or several companies or entities. As a result of the transactions forming the platform (as defined in our public documents available at greenrosecorp.com), Greenrose is expected to be a vertically integrated multi-state cannabis company. For more information, visit greenrosecorp.com.
Additional information on the proposed business combination and where to find it
For more information on the proposed business combinations, see Greenrose’s current report on Form 8-K (including investor presentation included as an attachment) filed with the SEC on July 28, 2021 available at www. sec.gov.
The proposed transactions will be subject to the approval of the shareholders of Greenrose. In connection with the proposed business combinations, Greenrose will file with the SEC preliminary and final proxies at a special meeting of Greenrose shareholders to consider and vote on the business combination and related matters. Greenrose will mail the definitive proxy statement and other relevant documents to its shareholders in connection with the meeting. Investors and holders of Greenrose securities are encouraged to read, when available, the draft preliminary proxy statement and its amendments, as well as the definitive proxy statement, which will contain important information on business combinations. proposed and the parts thereof. The definitive proxy circular will be mailed to Greenrose shareholders on a record date to be established for voting on the proposed business combinations. Shareholders will also be able to obtain free copies of the Proxy Circular, once available, from the SEC’s website at www.sec.gov or by directing a request to: Greenrose Acquisition Corp., 111 Broadway , Amityville, NY 11701, Attention: CEO.
Participants in the call for tenders
Greenrose, Shango, THC, True Harvest, Theraplant and their respective directors, officers and other officers and employees, under SEC rules, may be considered participants in the proxy solicitation of Greenrose shareholders in the part of the business combination project. Investors and security holders can obtain more detailed information regarding the names, affiliations and interests of the directors of Greenrose in the final prospectus of Greenrose’s initial public offering dated February 11, 2020, and which was filed with the SEC on February 11, 2020, as well as in its Annual Report on Form 10-K filed with the SEC on March 11, 2021. Additional information regarding the participants in the proxy solicitation and a description of their interests Direct and indirect will be contained in the preliminary and final proxy statements relating to the contemplated business combinations when they become available, and which can be obtained free of charge from the sources indicated above.
Original press release
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