IPO of Canaccord Genuity SPAC priced to raise $87 mln
Canaccord Genuity Growth II Corp (CGGC II), a Canadian special purpose acquisition corporation (SPAC), has filed a final prospectus with regulatory authorities outside of Québec for an initial public offering. The IPO is for Class A restricted voting units of CGGC II at a price of $3 per unit, for total proceeds of $87 million, not including the greenshoe option. CGGC II, managed by an affiliate of Canaccord Genuity Group Inc, is expected to target an operating business valued at $100 million to $1 billion. Last year, CGGC II's predecessor agreed to merge with Columbia Care LLC, a New York-based medical cannabis business. Prior to the agreement, the SPAC estimated Columbia Care's value at US$1.35 billion.
2 April 2019•5 mins read
