Greenrose Acquisition Corp. has entered into agreements for as much as $103 million in capital from SunStream Bancorp, a three way partnership initiative sponsored by Sundial Growers Inc.
Greenrose Acquisition Corp. (OTC: GNRSU, GNRS, GNRSW) (Greenrose), a particular goal acquisition firm concentrating on firms within the hashish business, has entered into agreements for as much as $103 million in capital from SunStream Bancorp (“SunStream”), a three way partnership initiative sponsored by Sundial Growers Inc. (Nasdaq: SNDL). SunStream’s funding contains $78 million in a multi-tranche senior secured mortgage facility and $25 million in unsecured convertible notes.
With the closing of the SunStream financing, and assuming no redemptions of Greenrose stockholders, the corporate can have as much as $276 million to fund its development technique. Along with the senior secured mortgage and convertible notes, Greenrose reserves the suitable to lift further capital in a personal placement, within the type of each unsecured convertible notes and customary inventory, from accredited and institutional buyers.
The closing of the SunStream financing is anticipated to happen concurrently with Greenrose’s anticipated closing of its de-SPAC enterprise mixture and is topic to customary closing circumstances.
“We’re grateful for the help of our lenders and buyers as we proceed to work in the direction of closing our enterprise mixture,” stated Mickey Harley, CEO of Greenrose Acquisition Corp. “This extra capital provides us larger flexibility to execute on our development aims, and we’ll stay centered on creating worth for our shareholders as we transition to an thrilling and dynamic working firm. Importantly, this funding from and partnership with SunStream is each financially and strategically advantageous to Greenrose. Each Greenrose and SunStream are aligned in closing our Enterprise Mixture and persevering with the expansion of Greenrose.”
Further phrases of the mortgage and of the non-public placements are anticipated to be disclosed in subsequent filings with the U.S. Securities and Trade Fee (“SEC”).
On Friday, August 6, 2021, Greenrose additionally intends to offer notification to the escrow custodian of a one-month extension to the closing interval for consummating an preliminary enterprise mixture to September 13, 2021.
No Supply or Solicitation
This communication shall not represent a proposal to promote or the solicitation of a proposal to purchase any securities, nor shall it represent a solicitation of votes or proxies in reference to any assembly of the stockholders of Greenrose.
Advisors
Imperial Capital, LLC is performing as capital markets advisors to Greenrose. Gateway Group is serving as communications advisor to Greenrose. Mackenzie Companions and Broadridge Monetary Options are performing as proxy advisors to Greenrose in reference to its proxy solicitation efforts.
About Greenrose
Greenrose Acquisition Corp. is a particular goal acquisition firm organized for the aim of effecting a merger, share alternate, asset acquisition, inventory buy, recapitalization, reorganization, or different comparable enterprise mixture with a number of companies or entities. Following the transactions forming the Platform (as outlined in our public filings obtainable at greenrosecorp.com), Greenrose is anticipated be a vertically built-in, multistate operator hashish firm. For extra info, go to greenrosecorp.com.
Ahead-Trying Statements
Sure statements made on this launch are “ahead wanting statements” throughout the that means of the “protected harbor” provisions of america Non-public Securities Litigation Reform Act of 1995. When used on this press launch, the phrases “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “might,” “will,” “ought to,” “future,” “suggest” and variations of those phrases or comparable expressions (or the detrimental variations of such phrases or expressions) are meant to determine forward-looking statements. These forward-looking statements usually are not ensures of future efficiency, circumstances or outcomes, and contain a variety of recognized and unknown dangers, uncertainties, assumptions and different necessary elements, a lot of that are outdoors Greenrose’s or its goal firms’ management, that would trigger precise outcomes or outcomes to vary materially from these mentioned within the forward-looking statements. Necessary elements, amongst others, which will have an effect on precise outcomes or outcomes embrace: any incapability to acquire Greenrose stockholder approval of the enterprise mixtures, any incapability to finish the transaction contemplated by every of the respective merger or acquisition agreements due to failure of closing circumstances or different causes; any incapability to acknowledge the anticipated advantages of the proposed enterprise mixtures, which can be affected by, amongst different issues, the amount of money obtainable following any redemptions by Greenrose stockholders; liquidity of Greenrose’s inventory; prices associated to the proposed enterprise mixtures; Greenrose’s skill to handle development; Greenrose’s skill to determine and combine different future acquisitions; rising prices adversely affecting Greenrose’s profitability; competitors within the authorized hashish business; opposed modifications to the authorized atmosphere for the hashish business; and basic financial and market circumstances impacting demand for Greenrose’s services and products. See the danger elements disclosed within the preliminary proxy assertion for the enterprise mixtures for extra dangers related to the enterprise mixtures. None of Greenrose, Shango Holdings Inc., Futureworks LLC (d/b/a The Well being Middle), Theraplant, LLC, or True Harvest, LLC undertakes any obligation to replace or revise any forward-looking statements, whether or not because of new info, future occasions or in any other case, besides as required by regulation. Readers shouldn’t unduly depend on any projections or different forward-looking statements or information contained herein.
Further Data Concerning the Proposed Enterprise Mixture and The place to Discover It
For extra details about the proposed enterprise mixtures, see Greenrose’s Present Report on Type 8-Ok (together with the investor presentation included as an exhibit thereto) filed with the SEC on July 28, 2021 obtainable at www.sec.gov.
The proposed transactions will likely be submitted to shareholders of Greenrose for his or her approval. In reference to the proposed enterprise mixtures, Greenrose will file with the SEC a preliminary and definitive proxy statements in reference to a particular assembly of the stockholders of Greenrose to contemplate and vote on the enterprise mixture and associated issues. Greenrose will mail the definitive proxy assertion and different related paperwork to its stockholders in reference to the assembly. Traders and safety holders of Greenrose are suggested to learn, when obtainable, the draft of the preliminary proxy assertion, and amendments thereto, and the definitive proxy assertion, which can include necessary details about the proposed enterprise mixtures and the events to it. The definitive proxy assertion will likely be mailed to stockholders of Greenrose as of a file date to be established for voting on the proposed enterprise mixtures. Stockholders will even be capable to receive copies of the proxy assertion, with out cost, as soon as obtainable, on the SEC’s web site at www.sec.gov or by directing a request to: Greenrose Acquisition Corp., 111 Broadway, Amityville, NY 11701, Consideration: Chief Government Officer.
Members within the Solicitation
Greenrose, Shango, THC, True Harvest, Theraplant, and their respective administrators, govt officers and different members of their administration and staff, below SEC guidelines, could also be deemed to be members within the solicitation of proxies of Greenrose stockholders in reference to the proposed enterprise mixtures. Traders and safety holders might receive extra detailed info relating to the names, affiliations and pursuits of Greenrose’s administrators within the last prospectus for Greenrose’s preliminary public providing dated as of February 11, 2020, and that was filed with the SEC on February 11, 2020, in addition to in its annual report on Type 10-Ok filed with the SEC on March 11, 2021. Further info relating to the members within the proxy solicitation and an outline of their direct and oblique pursuits will likely be contained within the preliminary and definitive proxy statements associated to the proposed enterprise mixtures when it turns into obtainable, and which may be obtained freed from cost from the sources indicated above.
Investor Relations Contact:
Gateway Investor Relations
Cody Slach or Jackie Keshner
(949) 574-3860
[email protected]
Greenrose Contact:
Daniel Harley
Government Vice President, Enterprise Growth
(516) 307-0383
[email protected]
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