SHF Holdings, Inc (Nasdaq: SHFS), formerly known as Northern Lights Acquisition Corp. (Nasdaq: NLIT), announced in a press release this morning that it has finally completed its combination with cannabis finance provider Safe Harbor.
NLIT shareholders originally approved the transaction with Safe Harbor at its special meeting three months ago on June 29. At that time, the SPAC disclosed that it intended 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, providing it with some flexibility.
SHF Holdings was also able to close a $20.45 million PIPE yesterday in the form of convertible preferred stock and warrants. In an effort to offset the reduced PIPE amount, Safe Harbor’s indirect parent Partner Colorado Credit Union, agreed to amend the Unit Purchase Agreement to provide for the deferral of approximately $57 million of the $70 million due to SHF at the closing of the business combination. This increase in the deferred cash consideration will be able to provide the company with additional cash to support its post-closing activities.
Now that the deal is complete, the company has changed its name to “SHF Holdings, Inc.” Its Class A Common Stock and warrants will continue to be listed for trading on the Nasdaq Capital Market as Nasdaq: 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.
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.
At the SPAC of Dawn An arms race is heating up among eVTOL de-SPACs as several near the commercial launch of their first air taxis. Earlier this week, Joby (NYSE:JOBY) made one big shot across the bow by agreeing to buy out the heli-taxi business of fellow de-SPAC Blade (NASDAQ:BLDE) for $125 million. Its de-SPAC...
Starry Sea Acquisition Corp. (NASDAQ:SSEAU) announced the pricing of its $50 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “SSEAU”, Friday, August 8, 2025. The new SPAC plans to mount a generalist search for a target company that has the potential to generate attractive returns. Starry Sea’s...
SilverBox IV (NYSE:SBXD) has entered into a definitive agreement to combine with digital asset manager Parataxis Capital at a pro forma equity value of $393.4 million. Parataxis is building the first crypto treasury listed in South Korea and plans to generate continued yields from the Bitcoin holdings it amasses. The combined company is expected to...
At the SPAC of Dawn The pace of SPAC deal announcements continues to heat up in August, which is typically a slow time of year in the capital markets. Consider that in all of Q1 2025, there were only 12 total deal announcements, and just 17 in Q2. We’re only halfway through Q3, but SPACs...
Iris II has filed for a $150 million SPAC with a partially revamped sponsor team and some new bells and whistles in its terms to join the new generation of vehicles in the hunt. The new SPAC is offering investors a 1/2 warrant in each unit and will be funded to the standard 100.0% with...