Northern Lights Acquisition Corporation Announces Pricing of $100,000,000 Initial Public Offering

Rhea-AI Summary

Northern Lights Acquisition Corporation has priced its initial public offering (IPO) at $10.00 per unit, offering a total of 10,000,000 units set to trade on Nasdaq under the symbol NLITU. Each unit comprises one share of Class A common stock and one-half of one redeemable warrant, with whole warrants priced at $11.50 per share. The company aims to focus on business combinations primarily within the compliant cannabis industry. EF Hutton acts as the bookrunner, with an option for an additional 1,500,000 units. SEC registration was completed on June 23, 2021.

Positive

• Initial public offering priced at $10.00 per unit, demonstrating investor interest.
• Focus on compliant cannabis businesses presents growth potential in a burgeoning market.

Negative

• No specific business combination target selected, leading to uncertainty for investors.
• Dependence on cannabis industry compliance could pose regulatory risks.

Denver, CO, June 23, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Northern Lights Acquisition Corporation (the “Company”) announced today that it priced its initial public offering of 10,000,000 units at $10.00 per unit. The units will be listed on the Nasdaq Capital Market (“Nasdaq”) and will begin trading tomorrow, Thursday, June 24, 2021, under the ticker symbol “NLITU”. Each unit consists of one share of the Company’s Class A common stock and one-half of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share. Only whole warrants are exercisable and will trade.  Once the securities comprising the units begin separate trading, shares of the Class A common stock and warrants are expected to be listed on Nasdaq under the symbols “NLIT” and “NLITW” respectively.

The Company is a newly organized blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The Company has not selected any specific business combination target and has not, nor has anyone on its behalf, initiated any substantive discussions, directly or indirectly, with any business combination target. While the Company may pursue an initial business combination target in any business, industry, or geographical location, the Company intends to focus its search on businesses in the cannabis industry that are compliant with all applicable laws and regulations within the jurisdictions in which they are located or operate and, in particular, the Company will not invest in, or consummate a business combination with, a target business that the Company determines has been operating, or whose business plan is to operate, in violation of U.S. federal laws, including the U.S. Controlled Substances Act. The Company is led by Co-Chief Executive Officer, John Darwin and Co-Chief Executive Officer, Joshua Mann.

EF Hutton, division of Benchmark Investments, LLC, is acting as the sole bookrunner for the offering. The Company has granted the underwriter a 45-day option to purchase up to an additional 1,500,000 units at the initial public offering price to cover over-allotments, if any.  Nelson Mullins Riley & Scarborough LLP acted as counsel to the Company and Loeb & Loeb LLP acted as counsel for EF Hutton.

The offering is being made only by means of a prospectus. Copies of the prospectus may be obtained, when available, from EF Hutton, division of Benchmark Investments LLC, Attn: Syndicate Department, 590 Madison Ave, 39^th Floor, New York, New York 10022, by telephone at (212) 404-7002, by fax at (646) 861-4697, or by email at syndicategroup@efhuttongroup.com.

A registration statement relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission (“SEC”) on June 23, 2021.  This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

FORWARD-LOOKING STATEMENTS

This press release contains statements that constitute “forward-looking statements,” including with respect to the initial public offering. No assurance can be given that the offering discussed above will be completed on the terms described, or at all. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and preliminary prospectus for the offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contact

John Darwin
info@luminouscap.ca
(510) 323-2526

FAQ

What is the initial public offering price for Northern Lights Acquisition Corporation?

The initial public offering price is set at $10.00 per unit.

When will Northern Lights Acquisition Corporation start trading on Nasdaq?

Trading will begin on June 24, 2021, under the ticker symbol NLITU.

What is included in each unit of Northern Lights Acquisition Corporation's IPO?

Each unit consists of one share of Class A common stock and one-half of one redeemable warrant.

What are the ticker symbols for Northern Lights Acquisition Corporation's stocks and warrants?

The stock will trade under the symbol NLIT, and the warrants will trade under NLITW.

What is the focus of Northern Lights Acquisition Corporation regarding business combinations?

The company intends to focus on businesses in the compliant cannabis industry.