{"id":411985,"date":"2021-01-11T08:06:13","date_gmt":"2021-01-11T13:06:13","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=411985"},"modified":"2021-01-11T08:06:13","modified_gmt":"2021-01-11T13:06:13","slug":"subversive-capital-acquisition-corp-accelerates-momentum-ahead-of-its-qualifying-transaction","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/subversive-capital-acquisition-corp-accelerates-momentum-ahead-of-its-qualifying-transaction\/","title":{"rendered":"Subversive Capital Acquisition Corp. Accelerates Momentum Ahead Of Its Qualifying Transaction"},"content":{"rendered":"
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Non-Redemption Agreements and Previously Announced Upsize in Private Placement Ensure at Least $100 Million Available to Execute on Growth Strategy<\/h2>\n

PR Newswire<\/p>\n<\/p><\/div>\n

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\n NEW YORK<\/span> and TORONTO<\/span>, Jan. 11, 2021<\/span> \/PRNewswire\/ —\u00a0Subversive Capital Acquisition Corp. (NEO: SCV.A.U, SCV.WT.U, OTCQX: SBVCF) (“SCAC<\/b>“), a special purpose acquisition company,\u00a0today announced renewed momentum ahead of the close of its proposed Qualifying Transaction.\u00a0 Specifically, SCAC has finalized non-redemption agreements with certain equity holders representing approximately US$34.5 million<\/span> of escrowed proceeds.\u00a0 These proceeds will be released upon consummation of SCAC’s Qualifying Transaction, pursuant to which SCAC will acquire, directly or indirectly, all of the equity of CMG Partners, Inc. (“Caliva<\/b>“) and Left Coast Ventures, Inc. (“Left Coast Ventures<\/b>“) (collectively, the “Transaction<\/b>“) to form TPCO Holding Corp. (“The Parent Company<\/b>“). SCAC also entered into agreements with global icon, entrepreneur and MONOGRAM founder, Shawn<\/b> “JAY-Z” Carter<\/b>, and entertainment powerhouse Roc Nation<\/b>.<\/p>\n

Together with the recent upsized-close of its Private Placement, SCAC has now secured at least $100M<\/span> to execute on its growth strategy going forward. <\/p>\n

\n Michael Auerbach<\/span>, SCAC’s Chairman, said,\u00a0“The last 10 days affirm shareholder support for The Parent Company and our vertically-integrated strategy which \u2013 alone among peers \u2013 will support robust organic growth as well as future mergers and acquisitions.\u00a0 Just as importantly, these operational attributes will be underpinned by a brand strategy that leverages unparalleled cultural influence and consumer reach.We are grateful for these early, tangible signs of support and belief in our potential, and look forward to the anticipated close of TPCO later this week.” <\/p>\n

SCAC anticipates that the Transaction will close on or around January 15, 2021<\/span>, subject to customary closing conditions. A copy of the final prospectus (the “Prospectus<\/b>“) associated with the Transaction is available on SEDAR at www.sedar.com<\/a> and on SCAC’s website at www.subversivecapital.com\/s\/Prospectus<\/a>. <\/p>\n

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