This afternoon, MTech Acquisition Corp. (MTEC), announced that they have closed their business combination with MJ Freeway, LLC, a leading seed-to-sale regulatory compliance technology provider and developer of the cannabis industry’s first enterprise resource planning (ERP) platform. The combined company will form and be named Akerna Corp. (“Akerna”) and the shares of common stock and warrants of Akerna will begin trading on The Nasdaq tomorrow, June 18, 2019, under the symbols “KERN” and “KERNW,” respectively.
Additionally, MTech also filed the results of their shareholder vote with 65.24% of the total shares outstanding (as of the Record Date) participating. The vote to approve the merger was as follows:
FOR | AGAINST | ABSTENTIONS |
4,641,442 | 205,350 | 1,278 |
However, as SPACs are sometimes wont to do, no details were given on the number of redemptions or at what price those shares were redeemed. As a result, we don’t know how much was left in trust post-vote. Although, we can probably infer that there were more redemptions than was comfortable or else the company would have included that information. Regardless, another SPAC crossed the finish line and we get to move a name from the “Announced” column to the “Completed” column.
However, as further evidence of a heavy amount of redeptions, if you were watching how MTEC traded this morning, you would have seen a bit of spike in the share price. MTEC’s share jumped from a previous close of $10.50 all the way to $14.69, at one point. It’s come down a bit since then and is currently trading around $11.98, but remember, low float stocks (post-vote) are volatile. Even small trading volumes can move the price dramatically, as we’ve seen with PHUN, ORGO and RBZ.


Cohen Circle Acquisition Corp. II (NASDAQ:CCIIU) announced the pricing of its $220 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “CCIIU”, Tuesday, July 1, 2025. The new SPAC plans to combine with a target company in the financial services technology (fintech) sector and fintech adjacent sectors that...
Indigo Acquisition Corp. (NASDAQ:INACU) announced the pricing of its $100 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “INACU”, Tuesday, July 1, 2025. The new SPAC plans to combine with an established, profitable company whose growth potential can benefit from its team’s expertise. Indigo’s management team is...
After a quiet June, July is set to be active throughout the month with nine de-SPACs and sponsors coming unlocked from their trading restrictions. This timing is most fortuitous for insurance investor Abacus Life (NASDAQ:ABL) and East Resources, which took it public in 2023, as it is the best performer of this group of companies...
Pyrophyte II (NYSE:PAII.U) has filed for a $175 million SPAC to dig for a natural resources target while the team’s first deal remains pending. The new SPAC is offering investors 1/2 warrants in each unit and it will have 24 months to complete a business combination without asking shareholders for an extension. It is the...
At the SPAC of Dawn The last day of the quarter is to play host to a pair of shareholder votes and a possible pricing of Indigo‘s (NASDAQ:INACU) $100 million IPO. This week is also to play host to fresh jobs numbers just before the long July 4 weekend. Black Hawk (NASDAQ:BKHA) was also one...