Overall, MTech has raised $9.2 million in gross proceeds as part of their PIPE.
MTech Acquisition Corp. (MTEC), announced today that they have raised an extra $2.2 million as part of their previously announced private placement. In this new raise, an additional 215,475 shares of Class A common stock at $10.21 will be issued to new investors along with 23,941 Class B shares (founders shares).
All told, MTech’s will issue a total of 901,074 shares at $10.21 for total gross proceeds of $9.2 million, and 100,119 Class B shares, in this private placement.
Additionally, it was announced that Cresco Capital Partners II, LLC (CCP II), which is an existing investor in MJ Freeway, will be participating in the additional $2.2 million raise. Cresco is a private equity firm, dedicated to investing in the cannabis industry.
MTech’s shareholder vote to approve their business combination is scheduled for Monday, June 17th, and a $9.2 million backstop provides an additional level of comfort. Stay tuned for any further updates.
At the SPAC of Dawn Although the market has largely recovered from a negative stretch last week, the roller coaster is tilted back downward for Trump Media (NASDAQ:DJT), which slid -8% yesterday to $32.57 – one of its lowest points since closing with Digital World last month. Other SPACs and de-SPACs are having a more...
Remember the metaverse? Many do not. Meta’s (NASDAQ:META) attempted transition to virtually living and working seemed to mark a trend that went up and down quickly, but one SPAC deal has both survived that roller coaster and may rise with a second. Back in December 2022, Newbury Street (NASDAQ:NBST) announced a $1.85 billion combination with...
At the SPAC of Dawn Tucked into the bill that provides $95 billion in funding to American allies passed by the House this weekend is another measure that is likely to have far more impact on at least one pending deal in SPAC world. It would appear that the timing was fortuitous for TikTok rival...
With the passage this weekend of $95 billion in funding for Ukraine, Israel and Taiwan by the House of Representatives, some focus has gone back towards the defense sector, which has generally had a good year as a whole. But, SPACs have not been as active in defense, despite the fact that companies in the...
At the SPAC of Dawn As April’s sleepy month for SPAC news continues, there is only one special meeting on the docket to consider a SPAC deal approval, that being today’s vote on Pegasus Digital Mobility‘s (NYSE:PGSS) combination with equipment manufacturer Schmid. Three more SPACs are facing extension votes this week, including Pyrophyte (NYSE:PHYT), whose...