SPACInsider Logo
Origo Acquisition Corp. and High Times Doing a Concurrent Reg A+ Capital Raise?
by Kristi Marvin on 2018-06-22 at 11:56am

Either I’ve got a contact high or the NY Post just let out some interesting information.

High times, indeed. According to a NY Post article that was posted late last night, Origo Acquisition Corporation’s target, High Times, began a Reg A+ funding round this week, exactly one week after shareholders approved the new completion extension date of September 12th.  According to High Times, they hope to raise $20 million via the Reg A+ round.

The article quotes High Times’ Chairman, Adam Levin as saying, “It’s a new path to an IPO,” said Levin. “We raised just over $1 million on Day One from 400 people.” He said High Times Holdings priced at $11 a share.”

Admittedly, I do not have any experience with Reg A+ vehicles, but this raises all sorts of questions.  This was not in the proxy statement, but it’s also unclear to me if it needed to be. However, I would think this would be material information.

Secondly, Origo’s cash in trust is currently $15 million.  If High Times is raising capital via a Reg A+ vehicle to the tune of $20 million, does this mean the merger is off, or is this a concurrent raise?  Can you even do a concurrent raise without completely delaying the merger even further?

Having said that, if High Times already has 400 investors in the Reg A+ deal, that would certainly help solve one of the issues of Origo keeping a Nasdaq listing – needing 450 round lot shareholders.  This is assuming the merger is still on because the article’s title is “High Times Plots New Path to IPO”.  Emphasis on “New Path, so it kind of sounds like it’s off?

If anyone has any experience with Reg A+ funding and can help sort this out, please either leave a comment below this article or email me directly.

You can read the article here.


Recent Posts
by Marlena Haddad on 2023-02-03 at 5:50pm

Forest Road II (NYSE:FRXB) and 10X Capital Venture III (NYSE:VCXB) both announced this afternoon that they have mutually terminated their business combinations. Forest Road II intended to combine with transportation technology developer HyperloopTT, but the parties decided to nix the deal due to timing constraints along with unfavorable market conditions. Tom Staggs and Kevin Mayer, Co-CEOs and...

by Marlena Haddad on 2023-02-03 at 5:30pm

Intelligent Medicine Acquisition Corp. (NASDAQ:IQMD) and AMCI Acquisition Corp. II (Nasdaq: AMCI) announced this afternoon that they have adjourned their special meetings with shareholders. Intelligent Medicine originally scheduled its meeting to be held today, but is now postponing its vote until Wednesday, February 8. Stockholders may elect to redeem their shares by no later than...

by Marlena Haddad on 2023-02-03 at 11:41am

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News: Comcast dumps 18.5% of its BuzzFeed stock Comcast Dumps 6 Million Shares of Buzzfeed After Media Company Finally Gets a Bump Comcast dumped 18.5% of its BuzzFeed (NASDAQ:BZFD) stock in recent days, reducing its...

by Nicholas Alan Clayton on 2023-02-03 at 11:37am

Viveon Health (NYSE:VHAQ) announced this morning that it is unilaterally terminating its combination with Suneva Medical “based upon material breaches” of the merger agreement. The SPAC did not elaborate further on its claims against Suneva, but noted it will continue on and seek a new business combination. Just last week, Viveon Health was working to...

by Nicholas Alan Clayton on 2023-02-03 at 9:49am

FAST II (NYSE:FZT) announced this morning that it has amended its combination with resort operator Falcon’s Beyond, shifting more value from both sides into earn-outs. The deal’s $1 billion enterprise value technically remains, but Falcon’s Beyond shareholders will receive less equity at close. The valuation is now made up of a $620 million enterprise value...

Privacy Policy|Terms Of Use
Copyright © 2023 SPACInsider, Inc. All Rights Reserved