NEO has announced that Subversive Real Estate Acquisition REIT LP (“REIT LP”), a newly established Ontario limited partnership and a Special Purpose Acquisition Corporation (“SPAC”) for the purposes of the rules of the NEO Exchange, made its Canadian public markets debut today on the NEO Exchange, the company said.
REIT LP, which closed its USUSD 200,000,000 initial public offering, began trading its Class A Restricted Voting Units (the “Units”) (NEO:SVX.UN) today. Each Unit comprises one restricted voting unit (“Restricted Unit”) and one right (“Right”). The Units are expected to trade for 40 days after the closing of the initial public offering before separating into a Restricted Unit and a Right. Following separation, the Restricted Units and Rights will trade under the symbols SVX.U and SVX.RT.U, respectively.
The REIT LP´s initial qualifying transaction may focus on the direct or indirect acquisition, ownership and management of real estate assets in the cannabis industry and/or those closely associated with the cannabis industry. This is the seventh cannabis-focused SPAC to list on NEO and the second NEO-listed SPAC from Subversive, following the Subversive Capital Acquisition Corp. (NEO:SVC.A.U, SVC.WT.U) that completed the largest SPAC IPO in Canadian history of USUSD 575,000,000 in July 2019. The REIT LP is also sponsored by an affiliate of The Inception companies.
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