Northern Lights Acquisition Corp. announced that it has entered into securities purchase agreement for private placement of 60,000 series A convertible preferred shares at a price of $1,000 per share for gross proceeds of $60,000,000 on February 16, 2022. The company will also issue warrants to purchase up to a number of common shares equal to 50% of common shares issuable upon conversion of preferred shares.

The warrants will have an exercise price of $11.50 per share and are exercisable for period of five years from closing.