Greenrose Acquisition Corp Announces Intention to Voluntarily Delist from Nasdaq and List on the OTCQX Best Market
Greenrose Acquisition Corp. (NASDAQ: GNRSU, GNRS, GNRSW) announced its plan to delist from Nasdaq, effective June 21, 2021, due to its transformation into a U.S. cannabis company post-business combination. This change is necessitated by non-compliance with Nasdaq's regulations for plant-touching operations. Greenrose will instead list on the OTCQX Best Market, allowing for more efficient access to capital markets. The company aims to become a vertically integrated cannabis operator following the closure of its business combinations.
- Transitioning to OTCQX could provide more efficient access to capital markets.
- The business combination is expected to enhance operational scale as a vertically integrated cannabis operator.
- Delisting from Nasdaq may create liquidity concerns for shareholders.
- Potential integration challenges post-business combination could affect operational efficiency.
Listing Transition to Proceed as Previously Announced to Maintain Regulatory Compliance as a U.S.-Based, Plant-Touching Cannabis Company Following Business Combination Closure
AMITYVILLE, N.Y., June 10, 2021 (GLOBE NEWSWIRE) -- Greenrose Acquisition Corp. (NASDAQ: GNRSU, GNRS, GNRSW) (Greenrose), a special purpose acquisition company targeting companies in the cannabis industry, announced that it has filed notice with the Nasdaq Capital Market (“Nasdaq”) and the U.S. Securities and Exchange Commission that it intends to delist its shares from the exchange, effective prior to the market open on June 21, 2021. The reason for the delisting is that upon closing of its previously announced business combinations, Greenrose expects to become a U.S. cannabis company with plant-touching operations and would no longer be in compliance with Nasdaq rules.
As previously announced, Greenrose expects to simultaneously list on the OTCQX Best Market, with its shares expected to commence trading on June 21, 2021. The ticker symbols are anticipated to stay the same. Trading on the OTCQX Market offers companies efficient, cost-effective access to the U.S. capital markets. Streamlined market requirements for OTCQX are designed to help companies lower the cost and complexity of being publicly traded, while providing transparent trading for their investors. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws.
About Greenrose
Greenrose Acquisition Corp. is a blank check company organized for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization, or other similar business combination with one or more businesses or entities. Following the transactions forming the Platform (as defined in our public filings available at greenrosecorp.com), Greenrose expected be a vertically integrated, multistate operator cannabis company. For more information, visit greenrosecorp.com.
Forward-Looking Statements
Certain statements made in this release are "forward looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words "estimates," "projected," "expects," "anticipates," "forecasts," "plans," "intends," "believes," "seeks," "may," "will," "should," "future," "propose" and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Greenrose's or its target companies’ control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include: the inability to obtain Greenrose stockholder approval of the business combinations, the inability to complete the transaction contemplated by each of the respective merger or acquisition agreements because of failure of closing conditions or other reasons; the inability to recognize the anticipated benefits of the proposed business combinations, which may be affected by, among other things, the amount of cash available following any redemptions by Greenrose stockholders; liquidity of Greenrose's stock once quoted on the OTCQX; costs related to the proposed business combinations; Greenrose's ability to manage growth; Greenrose's ability to identify and integrate other future acquisitions; rising costs adversely affecting Greenrose's profitability; competition in the legal cannabis industry; adverse changes to the legal environment for the cannabis industry; and general economic and market conditions impacting demand for Greenrose's products and services. See the risk factors disclosed in the preliminary proxy statement for the business combinations for additional risks associated with the business combinations. None of Greenrose, Shango Holdings Inc., Futureworks LLC (d/b/a The Health Center), Theraplant, LLC, or True Harvest, LLC undertakes any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Readers should not unduly rely on any projections or other forward-looking statements or data contained herein.
Investor Relations Contact:
Gateway Investor Relations
Cody Slach or Jackie Keshner
(949) 574-3860
GNRS@gatewayir.com
Greenrose Contact:
Daniel P. Harley
Executive Vice President, Business Development
(516) 307-0383
ir@greenrosecorp.com
FAQ
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