Canna-Global Acquisition Corp. (NASDAQ: CNGL) (“Canna-Global”), a special purpose acquisition company, recently entered a definitive bid implementation and business acquisition agreement with Sydney-based New Quantum Holdings Pty Ltd., a provider of cutting-edge wealth management all-in-one fintech-as-a-service (“FaaS”). The planned acquisition will result in New Quantum becoming a wholly owned subsidiary of Canna Global and expected listing on the Nasdaq Global Market under the ticker symbol NQH. New Quantum CEO Jong Chung remarked that the transaction will unleash significant value for both companies by allowing New Quantum to offer its all-in-one FaaS in the abundant U.S. market and provide another avenue to the Middle East and Asian markets. “When we acquired 80% of Morrison Securities, it not only confirmed our leadership position in the Australian wealth management fintech industry, but also provided us with the springboard to rapidly scale up,” Chung said. “By merging with Canna-Global, we’re realizing our ambition to be a significant global player in the fintech industry by having the foundation for measured growth that optimizes client services and support.”
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About Canna-Global Acquisition Corp
Canna-Global is a blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities. In December 2021, Canna-Global consummated an initial public offering of its units, with each unit consisting of one share of Class A Common Stock and one redeemable warrant. Each warrant entitles its holder to purchase one share of Class A Common Stock at a price of $11.50 per share. Canna-Global is excited to focus on New Quantum, an emerging technology company in Australia. EF Hutton, division of Benchmark Investments LLC, served as the sole book-running manager of Canna-Global’s initial public offering.
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