Newly formed blank-check company focused on pot or related sectors
BGP Acquisition Corp (BGP) has become the latest blank-check firm to debut on the public markets via the NEO Exchange.
The newly formed special purpose acquisition company (SPAC) closed an initial public offering of US$115 million, inclusive of the exercise of the over-allotment option in full. Following the IPO underwritten by Echelon Wealth Partners, the SPAC’s Class A restricted voting units are now trading under the symbol BGP.UN on NEO.
BGP’s strategy is to identify, acquire, and, following its initial qualifying transaction, assist in the growth of a business engaged in the cannabis industry or related sectors.
The company is focusing on market leaders with credible management teams and have vertical or horizontal integration opportunities.
“Backed by a solid management team with extensive cannabis investing, SPAC, and operating experience, combined with opportune timing in a rapidly growing market, we believe that BGP is ideally positioned for long-term success,” said Ruth Epstein, CEO and Chairwoman of BGP Acquisition Corp. “As an innovative and growth-oriented senior stock exchange with a deep understanding of the SPAC process and cannabis industry, NEO was the obvious choice as our listing partner.”
B.G.P. believes U.S. companies provide the best opportunities given the growth potential they have ahead as well as the access to capital they enjoy on a relative basis. The ninth SPAC to list on NEO, it follows closely on the heels of the successful launch of Subversive Capital Acquisition Corp. on NEO in January this year with the listing of The Parent Company under the symbols GRAM.U and GRAM.WT.U on the NEO Exchange.
“With recent political developments in the U.S. and unprecedented levels of support from the general public for cannabis legalization, the cannabis industry is ripe for explosive growth,” said NEO President and CEO Jos Schmitt. “BGP is well-equipped to capitalize on those developments, and as a leader in the Canadian SPAC market, NEO is excited to be a part of their journey.”
