Northern Lights (NLIT) Shareholders Approve Safe Harbor Deal
Northern Lights (NASDAQ:NLIT) announced in an 8-K this morning that its shareholders approved its combination with cannabis finance provider Safe Harbor at a special meeting held yesterday afternoon.
The filing did not include final redemption figures or a timeline for close, but as of yesterday the SPAC faced 66.2% redemptions. Northern Lights said at the time that it intends to close the business combination by June 30, but it made a $0.10 per share contribution to its trust in order to extend its transaction deadline to September 28, so it has flexibility.
Post-close, the combined company is expected to trade under the ticker symbol “SHFS”. The SPAC initially announced its $327 million deal earlier this year on February 22. Arvada, Colorado-based Safe Harbor provides commercial banking and other financial services to the cannabis industry.
All other measures on Northern Lights’ ballot passed nearly unanimously but investors representing about 7% of shares objected to measures concerning the proportion of votes required by the post-combination company to make additional governance changes. A full list of proposals and vote tallies can be found here.
ADVISORS
- EF Hutton, division of Benchmark Investments, LLC, is serving as placement agent and capital markets adviser.
- Nelson Mullins Riley & Scarborough LLP is serving as legal advisor to Northern Lights.
- Donald T. Emmi, Esq. and David Waller, Esq. are serving as legal advisors to Safe Harbor and PCCU.
- KCSA Strategic Communications is serving as public relations and investor relations advisor.