Canna-Global Acquisition Corp (NasdaqGM:CNGL) entered into an agreement to acquire New Quantum Holdings Pty Ltd for an enterprise value of $800 million on June 15, 2023. Canna Global, is also expected to be listed on the Nasdaq Global Market under the ticker symbol ?NQH?. Upon the closing of the transaction, New Quantum will continue to be led by its CEO, Jong Chung. In connection with the proposed transaction, Canna-Global intends to file relevant materials with the United States Securities and Exchange Commission (SEC) including a registration statement on Form S-4, which will include a proxy statement/prospectus, and other documents regarding the proposed transaction, which is expected to close by the fourth quarter of 2023. The completion of the transaction also requires approval from the Australian Securities and Investments Commission, which the parties hope to finalize in July 2023. The Boards of both New Quantum and Canna-Global have unanimously approved the transaction, the transaction remains subject to the approval of Canna-Global stockholders and other customary closing conditions. The deal is expected to close in the second half of 2023. Rimon Law Group, P.C. served as United States legal counsel to Canna-Global Acquisition Corp (NasdaqGM:CNGL) whereas K & L Gates served as Australian legal counsel to New Quantum Holdings Pty Ltd. ARC Group Ltd. acted as the exclusive financial advisor to Canna-Global Acquisition Corp (NasdaqGM:CNGL). EF Hutton, division of Benchmark Investments, LLC, is serving as Capital Markets Advisor.

Canna-Global Acquisition Corp (NasdaqGM:CNGL) cancelled the acquisition of New Quantum Holdings Pty Ltd on October 16, 2023.