Canna Global Acquisition Corp (CNGL), a U.S.-based special purpose acquisition company, has signed a definitive Bid Implementation and Business Acquisition Agreement with Sydney-based financial technology New Quantum Holdings Pty Ltd. The agreement entails New Quantum becoming a wholly-owned subsidiary of Canna-Global, with plans for listing on the Nasdaq Global Market. The transaction values New Quantum at an estimated enterprise value of $800 million and follows its recent acquisition of a majority interest in Morrison Securities. New Quantum's technology platform, coupled with a qualified pipeline and $20 billion of committed funds under management, positions it for growth and disruption in the financial services industry. The deal is subject to regulatory approvals and is expected to be finalized in the fourth quarter (Q4) of 2023.
Summary: Canna-Global Acquisition Corp announces a definitive agreement to acquire New Quantum Holdings, an Australian financial technology company. The merger will enable New Quantum to become a wholly-owned subsidiary of Canna-Global and list on the Nasdaq. With its technology platform and substantial funds under management, New Quantum aims to revolutionize the financial services industry. The transaction is pending regulatory approval and anticipated to be completed in Q4 2023.