Merida Merger I, a blank check company formed by Merida Capital Partners targeting the cannabis industry, filed on Wednesday with the SEC to raise up to $100 million in an initial public offering.
The New York, NY-based company plans to raise $100 million by offering 10 million units at a price of $10. At $10, Merida Merger I would command a market value of $126 million. Each unit consists of one share of common stock and one half of one warrant to purchase common stock at a price of $11.50 per share.
The sponsor Merida Capital Partners (20% post-IPO stake) is a New York, NY-based private equity firm focused on the cannabis industry. The SPAC is led by President Peter Lee, co-founder and former Managing Partner at Sentinel Rock Capital, and Chairman Mitchell Baruchowitz, founder and Managing Partner of Merida Capital Partners.
The New York, NY-based company was founded in 2019 and plans to list on the Nasdaq under the symbol MCMJU. The company also intends to list on Canada's NEO Exchange. Merida Merger I filed confidentially on August 22, 2019. EarlyBirdCapital is the sole bookrunner on the deal.
