Tuscan Holdings, a blank check company led by Stephen Vogel and targeting the cannabis industry, raised $240 million by offering 24 million units at $10, commanding a market value of $298 million. The units consist of one share of common stock and one warrant to purchase a share of common stock at $11.50. The company originally filed with the SEC to raise $200 million by offering 20 million units at $10.
Tuscan Holdings plans to list on the Nasdaq under the symbol THCBU. EarlyBirdCapital acted as a lead manager on the deal.
