Invest has signed a letter of intent (LOI) to merge with Canna-Global Acquisition, a special purpose acquisition company (SPAC), to become a publicly traded company in the US.
The SPAC deal values the US-based financial technology company at an initial enterprise value of $250m and allows it to become a publicly traded company in the US.
Invest is a financial technology company providing a unique machine-learning investment platform that advances investment decisions.
Its platform leverages advanced in-house algorithms and data analytics to provide investors with insights and strategies to optimise returns and manage risks effectively.
Invest new CEO David Kugelman said: “Joining forces with Canna Global represents a significant opportunity for Invest Inc. to accelerate our growth and enhance our market presence.
“We look forward to leveraging the benefits of being a publicly traded company to continue delivering exceptional value to our customers and stakeholders.
“Invest Inc. recently launched a first-of-its-kind machine-learning investment platform, positioning itself as a leader in the integration of advanced technology in financial markets.”
The LOI has been unanimously approved by the boards of directors of both companies, which are expected to negotiate and finalise a definitive agreement soon.
The closing of the transaction is subject to several factors, including the completion of due diligence, and the negotiation of a definitive agreement.
It is also subject to the satisfaction of other closing conditions, including the approval of the transaction by the stockholders of both companies.
Furthermore, Canna-Global’s stockholders can redeem their shares if they oppose the transaction and exit the investment in exchange for their pro rata distribution of funds.
Canna-Global CEO J Gerald Combs said: “The fintech industry is experiencing rapid growth and we are excited to facilitate Invest Inc.’s transition to the public markets.
“This business combination aligns with our mission to identify and support a target company with high-growth potential. We believe that Invest Inc.’s disruptive fintech and strategic vision will create significant value for our shareholders.”
“This marks a significant milestone for Canna-Global as it initiates the de-SPAC process, transitioning from a blank check shell company to an operating business.”
