StaffThe OTC Markets Group (OTCQX: OTCM) announced that the latest cannabis SPAC Mercer Park Brand Acquisition Corp. (OTCQX: MRCQF), trading today on OTCQX under the symbol “MRCQF.” Mercer Park has said it was formed with the intent to focus on branded product businesses in cannabis and/or cannabis-adjacent industries. Mercer Park Brand Acquisition Corp. is the fourth Special Purpose Acquisition Company (SPAC) to join OTCQX in the past year.
“Trading our shares on the OTCQX® Market will raise the Mercer Park Brand SPAC profile and enhance liquidity ahead of our upcoming Qualifying Transaction. Qualifying to trade on the OTCQX® Best Market reflects our commitment to holding our Company to the highest standards of disclosure, corporate governance, and compliance,” said Jonathan Sandelman, CEO and Chairman of Mercer Park LP.
The Mercer Park SPAC executed a letter of intent in connection with a potential transaction, which would if consummated, qualify as its qualifying transaction. Accordingly, the company will be permitted until May 13, 2021 (24 months following the closing of its initial public offering) to conclude its qualifying transaction. The SPAC was originally formed in 2019 when it proposed an IPO of $250 million.
Mercer Park, the sponsor of Mercer Park Brand is a limited partnership indirectly controlled by Mercer Park, L.P., a privately-held family office based in New York, New York.
Mercer Park Brand’s board of directors:
- Jonathan Sandelman (Chairman), Chief Executive Officer of Mercer Park, L.P.
- Sean Goodrich, Chief Executive Officer and Co-Founder of American Family of Brands.
- Charles Miles, Consultant, Recapture Partners.
Mercer Park Brand’s officers are:
- Louis Karger, Chief Executive Officer.
- Carmelo Marrelli, Chief Financial Officer and Corporate Secretary.
Mercer joins what is becoming a crowded SPAC landscape in the cannabis industry. Earlier this month, Greenrose Acquisition Corp. (NASDAQ: GNRSU, GNRS, GNRSW) said it had entered into definitive agreements to acquire four cannabis companies, which it has dubbed The Platform. The companies are Shango Holdings Inc. (Shango), Futureworks LLC (d/b/a The Health Center), Theraplant, LLC, and True Harvest, LLC. The total initial transaction value is $210 Million with a maximum earnout of $110 million. Greenrose plans to initiate an offering of $150 million in equity and debt securities and plans to use the net proceeds for the acquisition of the Platform and general corporate purposes.
