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.