Cannabis financier Safe Harbor renamed SHF Holdings after SPAC acquisition

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Special purpose acquisition company (SPAC) Northern Lights Acquisition closed its acquisition of cannabis financial institution Safe Harbor Financial, taking the company public on the Nasdaq Capital Market and changing its name to SHF Holdings.

SHF Holdings shares started trading on the Nasdaq as SHFS on Sept. 29.

The acquisition, originally worth $185 million, was announced in February.

At the time, New York-headquartered Northern Lights and Denver-based Safe Harbor touted “a fully committed $60 million PIPE (private investment in public equity) from institutional investors.”

However, SHF said last week the PIPE was ultimately worth just under $20.5 million.

That reduced equity investment was offset by an amended purchase agreement with Partner Colorado Credit Union (PCCU), which was previously Safe Harbor’s parent company.

PCCU was originally owed $70 million in cash at closing.

Under the amended agreement, roughly $57 million of that amount has been deferred.

“The increase in the deferred cash consideration will provide the company with additional cash to support its post-closing activities,” SHF said in a news release.

“We are thrilled to complete this transaction and eager to continue scaling our business and expanding our offerings to meet the needs of the cannabis industry in the United States,” SHF Chief Executive Sundie Seefried said in a statement.