Merida Completes Dual Listing on NASDAQ, NEO

NEO has announced that Merida Merger Corp., a newly formed Special Purpose Acquisition Corporation (“SPAC”), has made its Canadian public markets debut on the NEO Exchange, the company said.

In doing so, Merida has become the first SPAC to dual list and the first NEO and NASDAQ dual listing. Merida´s units began trading on NASDAQ on Tuesday, November 5 under the symbol MCMJU, and on NEO today under the symbol MMK.UN. Merida is also the first SPAC to be backed by a dedicated private equity firm focused on investing in the cannabis industry.

Merida raised USUSD 120,000,000 in its initial public offering. Merida´s qualifying transaction and value creation strategy is to identify, acquire and, after completing its qualifying transaction, assist in the growth of a business in the cannabis industry. Merida is not limited to this industry and may consider opportunities outside of the United States.

New York-based boutique investment bank, EarlyBirdCapital (“EBC”), is the lead underwriter of this offering. As the global pioneer and provider of SPACs, EBC has been the lead underwriter of 53 US SPACs, of which 43 (81%) have successfully closed a qualifying transaction. This compares to a 66% success rate for other US SPACs. With Merida, EBC has taken its first step into the Canadian capital markets and, together with Echelon Wealth Partners, enabled the listing of the sixth SPAC on NEO, two of which have already led to successful qualifying transactions.

Investors can trade shares of MMK.UN through their usual investment channels, including discount brokerage platforms and full-service dealers. The NEO Exchange is now home to over 90 corporate and ETF listings, and consistently facilitates over 10 per cent of all Canadian trading volume. Click here for a complete view of all NEO-listed securities.

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