{"id":411126,"date":"2021-01-08T08:56:33","date_gmt":"2021-01-08T13:56:33","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=411126"},"modified":"2021-01-08T08:56:33","modified_gmt":"2021-01-08T13:56:33","slug":"subversive-capital-acquisition-corp-announces-upsize-of-previously-announced-private-placement","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/subversive-capital-acquisition-corp-announces-upsize-of-previously-announced-private-placement\/","title":{"rendered":"Subversive Capital Acquisition Corp. Announces Upsize Of Previously Announced Private Placement"},"content":{"rendered":"<div class=\"xn-newslines\">\n<h2 class=\"xn-hedline\">Investor Demand Drives Over 70% Upsize and Equity Commitments of Approximately $63 Million Ahead of Expected Close of Qualifying Transaction<\/h2>\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">NEW YORK<\/span> and <span class=\"xn-location\">TORONTO<\/span>, <span class=\"xn-chron\">Jan. 8, 2021<\/span> \/PRNewswire\/ &#8212; Subversive Capital Acquisition Corp. (NEO: SCV.A.U, SCV.WT.U, OTCQX: SBVCF) (&#8220;<b>SCAC<\/b>&#8220;), a special purpose acquisition company,\u00a0today announced the upsize of its previously announced private placement of subscription receipts and non-voting shares of its wholly owned subsidiary (the &#8220;<b>Private Placement<\/b>&#8220;). The non-brokered Private Placement resulted in aggregate equity commitments of <b>approximately <\/b>US<b> $63 <\/b>million, compared to <span class=\"xn-money\">$36.5 million<\/span> announced previously \u2013 an upsize of more than 70%, in connection with the proposed transaction pursuant to which SCAC will acquire, directly or indirectly, all of the equity of CMG Partners, Inc. (&#8220;<b>Caliva<\/b>&#8220;) and Left Coast Ventures, Inc. (&#8220;<b>Left Coast Ventures<\/b>&#8221; or &#8220;<b>LCV&#8221;<\/b>) (collectively, the &#8220;<b>Transaction<\/b>&#8220;) to form TPCO Holding Corp. (&#8220;<b>The Parent Company<\/b>&#8220;). SCAC also entered into agreements with global icon, entrepreneur and MONOGRAM founder, <b>Shawn<\/b> &#8220;<b>JAY-Z&#8221; Carter<\/b>, and entertainment powerhouse <b>Roc Nation<\/b>. The Transaction will constitute SCAC&#8217;s qualifying transaction.<\/p>\n<p>\n        <span class=\"xn-person\">Michael Auerbach<\/span>, SCAC&#8217;s Chairman, said, &#8220;The Private Placement reflects investor confidence in The Parent Company. Current investors in Caliva, LCV, and Subversive LPs doubled down on their support and we are also honored to have artists like Rihanna, Meek Mill, <span class=\"xn-person\">Yo Gotti<\/span>, and DJ Khaled supporting The Parent Company with their investments. We have the unique opportunity to consolidate the <span class=\"xn-location\">California<\/span> market, the largest cannabis economy in the world today. The Parent Company&#8217;s vertical operational platform has been designed to support industry-leading brands and future mergers and acquisitions, making The Parent Company positioned to redefine the cannabis industry globally.&#8221;<\/p>\n<p>\n        <span class=\"xn-person\">Michael Auerbach<\/span> continued, &#8220;Every secular, regulatory and cultural trend affirms that people around the world want broad-scale adoption of adult-use cannabis. In the U.S. alone, 46 states have enacted at least one law that permits manufacturing, distribution, dispensing, or possession of cannabis or concentrates. The Democratic Senate majority gives us further confidence we will see a major regulatory shift on the federal level in the next 12-24 months, which enables us to expand our impactful cannabis brands across <span class=\"xn-location\">the United States<\/span>. The Parent Company is positioned to capitalize on &#8220;The Perfect Storm&#8221; and is the first cannabis company built for the post-prohibition era.&#8221; \u00a0<\/p>\n<p>The proceeds from the Private Placement will ensure that The Parent Company has funds on closing of the Transaction that will be used to execute on its growth strategy going forward. The Private Placement remains subject to the approval of the Neo Exchange Inc.<\/p>\n<p>SCAC anticipates that the Transaction will close on or around <span class=\"xn-chron\">January 15, 2021<\/span>, subject to customary closing conditions. A copy of the final prospectus (the &#8220;<b>Prospectus<\/b>&#8220;) associated with the Transaction is available on SEDAR at <a href=\"http:\/\/www.sedar.com\" rel=\"nofollow\">www.sedar.com<\/a> and on SCAC&#8217;s website at <a href=\"http:\/\/www.subversivecapital.com\/s\/Prospectus\" rel=\"nofollow\">www.subversivecapital.com\/s\/Prospectus<\/a>. <\/p>\n<p>\n        <b><br \/>\n          <u>How to Invest<\/u><br \/>\n        <\/b>\n      <\/p>\n<p>To invest in The Parent Company and Subversive Capital Acquisition Corp., investors may buy or sell shares through their usual investment platform or brokerage. U.S. investors can buy and sell OTCQX securities under the ticker symbol &#8220;SBVCF&#8221; and Canadian investors can buy and sell through the NEO Exchange under the ticker symbol &#8220;SVC.A.U.&#8221;\u00a0 Following closing, the securities of The Parent Company will continue trading on the OTCQX and on the NEO. <\/p>\n<p>\n        <b>About Subversive Capital Acquisition Corp.<\/b><br \/>\n        <br \/>Subversive Capital Acquisition Corp. is a special purpose acquisition corporation incorporated under the laws of the Province of <span class=\"xn-location\">British Columbia<\/span> for the purpose of effecting, directly or indirectly, a qualifying transaction within a specified period of time. Founded by <span class=\"xn-person\">Michael Auerbach<\/span> and led by Chief Executive Officer, <span class=\"xn-person\">Leland Hensch<\/span>, SCAC is dedicated to investing in radical companies whose core missions subvert the status quo. For more information, visit <a href=\"http:\/\/www.subversivecapital.com\" rel=\"nofollow\">www.subversivecapital.com<\/a>.<\/p>\n<p>\n        <b>About The Parent Company<\/b><br \/>\n        <br \/>The Parent Company\u00a0(TPCO Holding Corp.) (OTCQX: SBVCF,\u00a0NEO: SVC.A.U, SVC.WT.U) will be <span class=\"xn-location\">California&#8217;s<\/span> leading vertically-integrated cannabis company combining best-in-class operations with leading voices in popular culture and social impact. The Parent Company brings together global icon and entrepreneur Shawn &#8220;JAY-Z&#8221; Carter, entertainment powerhouse\u00a0ROC NATION, <span class=\"xn-location\">California&#8217;s<\/span> leading direct-to-consumer platform\u00a0CALIVA, and leading cannabis and hemp manufacturer,\u00a0LEFT COAST VENTURES, to form a cannabis industry leader for the post-prohibition era. Chief Visionary Officer Shawn &#8220;JAY-Z&#8221; Carter, one of the most recognized and celebrated entrepreneurs of our time, will guide The Parent Company&#8217;s brand strategy in partnership with Roc Nation, the world&#8217;s preeminent entertainment company with a roster of culture-making artists, athletes and influencers. The brands we build together will pave a new path forward for a legacy rooted in equity, access, and justice.\u00a0See &#8220;Forward Looking Statements&#8221; below for more information on The Parent Company. <\/p>\n<p>\n        <b>About Roc Nation<\/b><br \/>\n        <br \/>Roc Nation, founded in 2008 by JAY-Z, has grown into the world&#8217;s preeminent entertainment<b>\u00a0<\/b>company. Roc Nation works in every aspect of modern entertainment, with recording artists,\u00a0producers, songwriters, and more. Roc Nation&#8217;s client list includes some of the world&#8217;s most\u00a0recognizable names in entertainment, from Rihanna and Rapsody to Buju Banton and Snoh\u00a0Aalegra. Roc Nation is a full-service organization, supporting a diverse roster of talent via artist\u00a0management, music publishing, touring, production, strategic brand development, and beyond.\u00a0Roc Nation Sports was founded in 2013, bringing the organization&#8217;s full-service touch to athletes\u00a0across the NFL, NBA, MLB, and global soccer. For further information, visit rocnation.com.<\/p>\n<p>\n        <b>About Caliva<\/b><br \/>\n        <br \/>Caliva is a leading single-state cannabis operator in <span class=\"xn-location\">California<\/span>. Founded in 2015, Caliva&#8217;s industry\u00a0advantage comes from its vertical integration and direct-to-consumer platform. This direct-to-consumer\u00a0experience enables customers to purchase cannabis at Caliva&#8217;s retail stores and place\u00a0orders online for in-store pickup or same-day delivery straight to their door. Caliva&#8217;s plant-based\u00a0solutions serve over 1 million customers and are designed to fit any lifestyle. Caliva&#8217;s commitment\u00a0to compliance and quality reinforce its position as THE MOST TRUSTED NAME IN CANNABIS\u2122.\u00a0For more information visit caliva.com or follow along on Instagram, @GoCaliva.<\/p>\n<p>\n        <b>About Left Coast Ventures<\/b><br \/>\n        <br \/>Headquartered in <span class=\"xn-location\">Santa Rosa, CA<\/span>, Left Coast Ventures is a diversified cannabis and hemp\u00a0company specializing in cultivation, extraction, manufacturing, brand development, and\u00a0distribution. Left Coast Ventures and its subsidiaries are working to shape the future of the legal\u00a0cannabis industry in <span class=\"xn-location\">the United States<\/span> through acquisitions, investments, and incubation while\u00a0building a respected portfolio of top shelf brands. Wholly owned, licensed, and\/or distributed\u00a0brands within the Left Coast Ventures portfolio include Marley Natural, Mind Your Head by Mickey\u00a0Hart, Mirayo by <span class=\"xn-person\">Carlos Santana<\/span>, JEF, SoulSpring, Provault, Chill, Headlight, Get Zen, New\u00a0Frontier Brewing, and Yummi Karma\/High Gorgeous.<\/p>\n<p>\n        <b>Forward-Looking Statements<\/b><br \/>\n        <br \/>This press release may contain forward-looking information within the meaning of applicable securities legislation which reflects SCAC&#8217;s current expectations regarding future events. The words &#8220;will&#8221;, &#8220;expects&#8221;, &#8220;intends&#8221; and similar expressions are often intended to identify forward looking information, although not all forward-looking information contains these identifying words.<\/p>\n<p>Specific forward-looking information contained in this press release includes, but is not limited to, statements concerning the completion of the Transaction and the expected timing thereof, The Parent Company&#8217;s size and operations following closing of the Transaction and the potential future regulatory landscape of federal cannabis laws. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond SCAC&#8217;s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to: failure to complete the Transaction, inability to obtain requisite regulatory or shareholder approvals, changes in general economic, business and political conditions, changes in applicable laws, the U.S. and Canadian regulatory landscapes and enforcement related to cannabis, changes in public opinion and perception of the cannabis industry, reliance on the expertise and judgment of senior management, as well as the factors discussed under the heading &#8220;Risk Factors&#8221; in the Prospectus which is available on SEDAR at <a href=\"http:\/\/www.sedar.com\" rel=\"nofollow\">www.sedar.com<\/a>. SCAC undertakes no obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.<\/p>\n<p>\n        <b>Contacts: <\/b>\n      <\/p>\n<p>\n        <span class=\"xn-person\">Berrin Noorata<\/span><br \/>\n        <br \/>\n        <a target=\"_blank\" href=\"mailto:media@subversivecapital.com\" rel=\"nofollow noopener noreferrer\">media@subversivecapital.com<\/a>\u00a0 <\/p>\n<p>Investor Relations<br \/><a target=\"_blank\" href=\"mailto:investor@subversivecapital.com\" rel=\"nofollow noopener noreferrer\">investor@subversivecapital.com<\/a>\u00a0<\/p>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=NY40985&amp;sd=2021-01-08\" \/> View original content:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/subversive-capital-acquisition-corp-announces-upsize-of-previously-announced-private-placement-301203386.html\">http:\/\/www.prnewswire.com\/news-releases\/subversive-capital-acquisition-corp-announces-upsize-of-previously-announced-private-placement-301203386.html<\/a><\/p>\n<p>SOURCE  Subversive Capital Acquisition Corp.<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=NY40985&amp;Transmission_Id=202101080853PR_NEWS_USPR_____NY40985&amp;DateId=20210108\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Investor Demand Drives Over 70% Upsize and Equity Commitments of Approximately $63 Million Ahead of Expected Close of Qualifying Transaction PR Newswire NEW YORK and TORONTO, Jan. 8, 2021 \/PRNewswire\/ &#8212; Subversive Capital Acquisition Corp. (NEO: SCV.A.U, SCV.WT.U, OTCQX: SBVCF) (&#8220;SCAC&#8220;), a special purpose acquisition company,\u00a0today announced the upsize of its previously announced private placement of subscription receipts and non-voting shares of its wholly owned subsidiary (the &#8220;Private Placement&#8220;). The non-brokered Private Placement resulted in aggregate equity commitments of approximately US $63 million, compared to $36.5 million announced previously \u2013 an upsize of more than 70%, in connection with the proposed transaction pursuant to which SCAC will acquire, directly or indirectly, all of the equity of CMG Partners, Inc. (&#8220;Caliva&#8220;) &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/subversive-capital-acquisition-corp-announces-upsize-of-previously-announced-private-placement\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Subversive Capital Acquisition Corp. Announces Upsize Of Previously Announced Private Placement&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-411126","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Subversive Capital Acquisition Corp. Announces Upsize Of Previously Announced Private Placement - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/subversive-capital-acquisition-corp-announces-upsize-of-previously-announced-private-placement\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Subversive Capital Acquisition Corp. Announces Upsize Of Previously Announced Private Placement - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Investor Demand Drives Over 70% Upsize and Equity Commitments of Approximately $63 Million Ahead of Expected Close of Qualifying Transaction PR Newswire NEW YORK and TORONTO, Jan. 8, 2021 \/PRNewswire\/ &#8212; Subversive Capital Acquisition Corp. (NEO: SCV.A.U, SCV.WT.U, OTCQX: SBVCF) (&#8220;SCAC&#8220;), a special purpose acquisition company,\u00a0today announced the upsize of its previously announced private placement of subscription receipts and non-voting shares of its wholly owned subsidiary (the &#8220;Private Placement&#8220;). The non-brokered Private Placement resulted in aggregate equity commitments of approximately US $63 million, compared to $36.5 million announced previously \u2013 an upsize of more than 70%, in connection with the proposed transaction pursuant to which SCAC will acquire, directly or indirectly, all of the equity of CMG Partners, Inc. (&#8220;Caliva&#8220;) &hellip; Continue reading &quot;Subversive Capital Acquisition Corp. 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Announces Upsize Of Previously Announced Private Placement - Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/subversive-capital-acquisition-corp-announces-upsize-of-previously-announced-private-placement\/","og_locale":"en_US","og_type":"article","og_title":"Subversive Capital Acquisition Corp. Announces Upsize Of Previously Announced Private Placement - Market Newsdesk","og_description":"Investor Demand Drives Over 70% Upsize and Equity Commitments of Approximately $63 Million Ahead of Expected Close of Qualifying Transaction PR Newswire NEW YORK and TORONTO, Jan. 8, 2021 \/PRNewswire\/ &#8212; Subversive Capital Acquisition Corp. (NEO: SCV.A.U, SCV.WT.U, OTCQX: SBVCF) (&#8220;SCAC&#8220;), a special purpose acquisition company,\u00a0today announced the upsize of its previously announced private placement of subscription receipts and non-voting shares of its wholly owned subsidiary (the &#8220;Private Placement&#8220;). The non-brokered Private Placement resulted in aggregate equity commitments of approximately US $63 million, compared to $36.5 million announced previously \u2013 an upsize of more than 70%, in connection with the proposed transaction pursuant to which SCAC will acquire, directly or indirectly, all of the equity of CMG Partners, Inc. (&#8220;Caliva&#8220;) &hellip; Continue reading \"Subversive Capital Acquisition Corp. Announces Upsize Of Previously Announced Private Placement\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/subversive-capital-acquisition-corp-announces-upsize-of-previously-announced-private-placement\/","og_site_name":"Market Newsdesk","article_published_time":"2021-01-08T13:56:33+00:00","og_image":[{"url":"https:\/\/c212.net\/c\/img\/favicon.png?sn=NY40985&amp;sd=2021-01-08","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"7 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/subversive-capital-acquisition-corp-announces-upsize-of-previously-announced-private-placement\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/subversive-capital-acquisition-corp-announces-upsize-of-previously-announced-private-placement\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Subversive Capital Acquisition Corp. 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