NLIT - SPAC Northern Lights stock soars 100% amid expected closing of Safe Harbor merger
Shares of SPAC Northern Lights Acquisition Corp. ( NASDAQ: NLIT ) soared 100% on Thursday amid the expected closing of its planned merger with cannabis financial services provider Safe Harbor.
Northern Lights shares opened at $10, recently changing hands at $19.45, up 100%, at approximately 12:45 p.m. ET.
On Monday, Northern Lights said that it anticipated the closing of its proposed business combination with Safe Harbor would occur on June 30.
It added that its sponsors, 5AK, had deposited an additional $1.15M in its trust account to extend the deadline for consummation of the deal from June 28 to Sept. 28. 5AK took a non-interesting bearing, unsecured promissory note in exchange for the deposit.
Northern Lights and Safe Harbor, which is a subsidiary of Partner Colorado Credit Union, announced plans to merge in February.
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SPAC Northern Lights stock soars 100% amid expected closing of Safe Harbor merger