NLIT - SPAC Northern Lights Acquisition to buy Safe Habor for $185M

Blank-check company Northern Lights Acquisition (NASDAQ:NLIT) has signed a definitive business combination agreement that will result in Northern Lights' acquisition of cannabis-focused financial services firm Safe Harbor from a subsidiary of Partner Colorado Credit Union, a Colorado-chartered credit union based in Arvada, Colorado for a total of $185M, of which $70M will be paid in cash and $115M in shares of Northern Lights Class A common stock. The estimated post-transaction equity value of the post-closing company will be $327M with a fully committed $60M PIPE from leading institutional investors. Safe Harbor provides financing and banking services to cannabis, hemp and CBD businesses as well as other operators in the industry and is one of the first cannabis-focused commercial lending platforms with an actionable pipeline of over $300 million in near term opportunities with proven multi-state and single-state operators. The combined company will be led by by Sundie Seefried, Founder and Chief Executive Officer of Safe Harbor.

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SPAC Northern Lights Acquisition to buy Safe Habor for $185M