{"id":413990,"date":"2021-01-13T08:06:31","date_gmt":"2021-01-13T13:06:31","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=413990"},"modified":"2021-01-13T08:06:31","modified_gmt":"2021-01-13T13:06:31","slug":"subversive-capital-acquisition-corp-announces-limited-redemptions-with-381-million-in-cash-remaining-in-escrow","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/subversive-capital-acquisition-corp-announces-limited-redemptions-with-381-million-in-cash-remaining-in-escrow\/","title":{"rendered":"Subversive Capital Acquisition Corp. Announces Limited Redemptions With $381 Million In Cash Remaining In Escrow"},"content":{"rendered":"<div class=\"xn-newslines\">\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. 13, 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,\u00a0is pleased to announce that, after processing the notices of redemption received prior to the redemption deadline, SCAC will have an aggregate of <span class=\"xn-money\">US$381 million<\/span> to execute on its growth strategy and fund transaction expenses and considerations. As previously announced, 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>&#8220;) (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>. <\/p>\n<p>\n        <span class=\"xn-person\">Michael Auerbach<\/span>, Chairman of SCAC and The Parent Company, said,\u00a0&#8220;The limited redemptions reaffirm investor confidence for The Parent Company and our vertically integrated strategy to consolidate and dominate the <span class=\"xn-location\">California<\/span> cannabis market. We are grateful for our shareholders&#8217; support and look forward to the anticipated close of the transaction later this week.&#8221; <\/p>\n<p>The Parent Company will own its supply chain, enabling the company to leverage scale and profitably produce and distribute a broad portfolio of cannabis products for every consumer segment.\u00a0The vertically integrated, omnichannel strategy will maximize gross profit and EBITDA margins, scale consumer reach, generate proprietary consumer data, and beat the illicit market on price, quality, and convenience.<\/p>\n<p>After completion of the Transaction, The Parent Company will be one of the most well-capitalized cannabis companies in <span class=\"xn-location\">the United States<\/span> and will pursue an aggressive M&amp;A strategy to accelerate growth, market share gains, and profitability.<\/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 target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3036062-1&amp;h=296689373&amp;u=http%3A%2F%2Fwww.sedar.com%2F&amp;a=www.sedar.com\" rel=\"nofollow noopener noreferrer\">www.sedar.com<\/a> and on SCAC&#8217;s website at <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3036062-1&amp;h=2239082087&amp;u=http%3A%2F%2Fwww.subversivecapital.com%2Fs%2FProspectus&amp;a=www.subversivecapital.com%2Fs%2FProspectus\" rel=\"nofollow noopener noreferrer\">www.subversivecapital.com\/s\/Prospectus<\/a>. \u00a0 <\/p>\n<p>\n        <b>About Subversive Capital Acquisition Corp.<\/b>\n      <\/p>\n<p>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>\n      <\/p>\n<p>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>\n      <\/p>\n<p>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>\n      <\/p>\n<p>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>\n      <\/p>\n<p>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>\n      <\/p>\n<p>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, and the ability of SCAC to execute on its growth strategy. 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><\/p>\n<p>\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=NY47449&amp;sd=2021-01-13\" \/> View original content:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/subversive-capital-acquisition-corp-announces-limited-redemptions-with-381-million-in-cash-remaining-in-escrow-301207467.html\">http:\/\/www.prnewswire.com\/news-releases\/subversive-capital-acquisition-corp-announces-limited-redemptions-with-381-million-in-cash-remaining-in-escrow-301207467.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=NY47449&amp;Transmission_Id=202101130803PR_NEWS_USPR_____NY47449&amp;DateId=20210113\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire NEW YORK and TORONTO, Jan. 13, 2021 \/PRNewswire\/ &#8212; Subversive Capital Acquisition Corp. (NEO: SCV.A.U, SCV.WT.U, OTCQX: SBVCF) (&#8220;SCAC&#8220;), a special purpose acquisition company,\u00a0is pleased to announce that, after processing the notices of redemption received prior to the redemption deadline, SCAC will have an aggregate of US$381 million to execute on its growth strategy and fund transaction expenses and considerations. As previously announced, SCAC will acquire, directly or indirectly, all of the equity of CMG Partners, Inc. (&#8220;Caliva&#8220;) and Left Coast Ventures, Inc. (&#8220;Left Coast Ventures&#8220;) (collectively, the &#8220;Transaction&#8220;) to form TPCO Holding Corp. (&#8220;The Parent Company&#8220;). SCAC also entered into agreements with global icon, entrepreneur and MONOGRAM founder, Shawn &#8220;JAY-Z&#8221; Carter, and entertainment powerhouse Roc Nation. Michael &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/subversive-capital-acquisition-corp-announces-limited-redemptions-with-381-million-in-cash-remaining-in-escrow\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Subversive Capital Acquisition Corp. Announces Limited Redemptions With $381 Million In Cash Remaining In Escrow&#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-413990","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Subversive Capital Acquisition Corp. Announces Limited Redemptions With $381 Million In Cash Remaining In Escrow - 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-limited-redemptions-with-381-million-in-cash-remaining-in-escrow\/\" \/>\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 Limited Redemptions With $381 Million In Cash Remaining In Escrow - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire NEW YORK and TORONTO, Jan. 13, 2021 \/PRNewswire\/ &#8212; Subversive Capital Acquisition Corp. (NEO: SCV.A.U, SCV.WT.U, OTCQX: SBVCF) (&#8220;SCAC&#8220;), a special purpose acquisition company,\u00a0is pleased to announce that, after processing the notices of redemption received prior to the redemption deadline, SCAC will have an aggregate of US$381 million to execute on its growth strategy and fund transaction expenses and considerations. As previously announced, SCAC will acquire, directly or indirectly, all of the equity of CMG Partners, Inc. (&#8220;Caliva&#8220;) and Left Coast Ventures, Inc. (&#8220;Left Coast Ventures&#8220;) (collectively, the &#8220;Transaction&#8220;) to form TPCO Holding Corp. (&#8220;The Parent Company&#8220;). SCAC also entered into agreements with global icon, entrepreneur and MONOGRAM founder, Shawn &#8220;JAY-Z&#8221; Carter, and entertainment powerhouse Roc Nation. Michael &hellip; Continue reading &quot;Subversive Capital Acquisition Corp. 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Announces Limited Redemptions With $381 Million In Cash Remaining In Escrow - 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-limited-redemptions-with-381-million-in-cash-remaining-in-escrow\/","og_locale":"en_US","og_type":"article","og_title":"Subversive Capital Acquisition Corp. Announces Limited Redemptions With $381 Million In Cash Remaining In Escrow - Market Newsdesk","og_description":"PR Newswire NEW YORK and TORONTO, Jan. 13, 2021 \/PRNewswire\/ &#8212; Subversive Capital Acquisition Corp. (NEO: SCV.A.U, SCV.WT.U, OTCQX: SBVCF) (&#8220;SCAC&#8220;), a special purpose acquisition company,\u00a0is pleased to announce that, after processing the notices of redemption received prior to the redemption deadline, SCAC will have an aggregate of US$381 million to execute on its growth strategy and fund transaction expenses and considerations. As previously announced, SCAC will acquire, directly or indirectly, all of the equity of CMG Partners, Inc. (&#8220;Caliva&#8220;) and Left Coast Ventures, Inc. (&#8220;Left Coast Ventures&#8220;) (collectively, the &#8220;Transaction&#8220;) to form TPCO Holding Corp. (&#8220;The Parent Company&#8220;). SCAC also entered into agreements with global icon, entrepreneur and MONOGRAM founder, Shawn &#8220;JAY-Z&#8221; Carter, and entertainment powerhouse Roc Nation. Michael &hellip; Continue reading \"Subversive Capital Acquisition Corp. Announces Limited Redemptions With $381 Million In Cash Remaining In Escrow\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/subversive-capital-acquisition-corp-announces-limited-redemptions-with-381-million-in-cash-remaining-in-escrow\/","og_site_name":"Market Newsdesk","article_published_time":"2021-01-13T13:06:31+00:00","og_image":[{"url":"https:\/\/c212.net\/c\/img\/favicon.png?sn=NY47449&amp;sd=2021-01-13","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/subversive-capital-acquisition-corp-announces-limited-redemptions-with-381-million-in-cash-remaining-in-escrow\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/subversive-capital-acquisition-corp-announces-limited-redemptions-with-381-million-in-cash-remaining-in-escrow\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Subversive Capital Acquisition Corp. 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