Subversive Capital Acquisition Corp (NEO: SVC.A.U) this morning announced the upsizing of its previously announced private placement of subscription receipts. The financing has been upsized dramatically, growing from US$36.5 million to US$63.0 million, an increase of nearly 70%.
The financing will see subscription receipts of the company sold at a price of $10.00 per subscription receipt. Each receipt, upon closing of the qualifying transaction and certain other conditions, will convert to one non-voting share in the capital of the company. No warrants are to be issued under the offering.
Pursuant to the financing, Subversive is to enter a transaction whereby it will acquire Caliva and Left Coast Ventures to form TPCO Holdings Corp, which is to operate under the name “The Parent Company.” The company has also notably entered into agreements with Shawn “Jay-Z” Carter, as well as Roc Nation, with Jay-Z notably being named the Chief Visionary Officer of the company.
“The Private Placement reflects investor confidence in The Parent Company. Current investors in Caliva, LCV, and Subversive LPs doubled down on their support and we are also honored to have artists like Rihanna, Meek Mill, Yo Gotti, and DJ Khaled supporting The Parent Company with their investments. We have the unique opportunity to consolidate the California market, the largest cannabis economy in the world today.”
Michael Auerbach, SCAC’s Chairman
Subversive Capital Acquisition Corp last traded at $10.13 on the NEO Exchange.
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