Schultze Special Purpose Acquisition Corp. Shareholders Approve Clever Leaves Deal
by Nicholas Alan Clayton on 2020-12-17 at 6:03pm

Schultze Special Purpose Acquisition Corporation (NASDAQ:SAMA) announced in an 8-K filing that its shareholders approved its combination with cannabis product-maker Clever Leaves at a special meeting earlier today.

The transaction was nearly unanimously approved, but, even more importantly, just 5,253 shares were redeemed in connection with the vote. With an estimated $10.22 pro rata in trust, this is expected to remove just $53,685. This is a very good result for a SPAC that needed to re-strike its deal last month.

This revised the price tag downward and rolled over more of the seller’s equity. It also tacked on a $10 million PIPE and convinced $6 million worth of public investors not to redeem.

The revisions also dropped the minimum cash requirement for the deal from $60 million to $26 million in case Schultze got hit with high redemptions as befell a string of SPACs that month. However, investors in the cannabis sector recently embraced the announced Aphria-Tilray mega merger so Schultze appeared to have some wind at its back.

Schultze initially announced its deal with Clever Leaves July 27. Clever Leaves has a large-scale cannabis cultivation operation in Colombia where it produces pharmaceutical-grade products for sale in Canada and Europe.

The nature of the company’s business and international holdings may add some extra paperwork before the deal can close. But Schultze expects to complete the transaction soon, after which the combined entity’s shares and warrants will trade on the Nasdaq under the symbols “CLVR” and “CLVRW,” respectively.  The Schultze / Clever Leaves combination represents the first SPAC transaction to close with a cannabis producer.

For a full list of measures on the ballot as well as vote tallies, click HERE.

 

Schultze Special Purpose Acquisition Corp. Shareholders Approve Clever Leaves Deal
Recent Posts
by Nicholas Alan Clayton on 2025-07-11 at 8:24am

At the SPAC of Dawn Lately de-SPACs have been announcing corporate moves of a kind frequently in trios as was the case earlier this week when WeBull (NASDAQ:BULL), AST SpaceMobile (NASDAQ:ASTS) and Quantum-Si (NASDAQ:QSI) all announced major equity raises. This week, it is a trio of de-SPACs making reverse stock splits in unison, which is...

by Kristi Marvin on 2025-07-10 at 8:31am

A look at Plus’ software-first approach to autonomous trucking. After years of investment and excitement, the dawn of self-driving cars and trucks is now here. The question now is which business model among autonomous driving technology companies will win out? This week, we speak with David Liu, CEO of autonomous trucking company Plus. Plus announced...

by Nicholas Alan Clayton on 2025-07-10 at 8:27am

At the SPAC of Dawn One thing that SPAC investors can typically count on while their money is invested in a SPAC’s trust is that it is going to grow one way or the other between now and their next redemption opportunity, but the devil can occasionally be in the details. In 2024, it became...

by Nicholas Alan Clayton on 2025-07-09 at 12:57pm

Thunderstone has filed for a $50 million SPAC to put a new first-time Asia-based team in action on a generalist hunt. The new SPAC is offering investors a right to a 1/8 share in each unit with 18 months to initially complete a business combination. It is the 8th fresh S-1 filed with underwriter D....

by Nicholas Alan Clayton on 2025-07-09 at 8:22am

At the SPAC of Dawn In a trading session that may find itself built around the release of Fed minutes at 2 pm ET this afternoon, a pair of SPAC targets have added their own fresh information to the mix. Enterprise AI firm Fusemachines, which has a pending combination with CSLM (OTC:CSLMF), put out a...

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved