Greenrose Acquisition Corp. Announces Closing of Business Combination with Theraplant
30 November 2021 - 12:30AM
Greenrose Acquisition Corp. (OTC: GNRSU, GNRS, GNRSW) (“Greenrose”
or the “Company”) announced today that it has closed its previously
announced business combination (the “Business Combination”) with
Connecticut-based Theraplant, LLC. The transaction was approved at
a special meeting of Greenrose’s stockholders on October 27, 2021.
The Company has been renamed The Greenrose
Holding Company Inc. and will continue to be listed on the OTC
under the symbols “GNRS” and “GNRSW.” Greenrose also intends to
co-list on the NEO exchange as soon as practicable after the close
of the Business Combination.
With the closing of the Business Combination,
Greenrose currently expects to continue to work towards the
acquisition of each of Shango Holdings, Inc. and Futureworks LLC
(d/b/a The Health Center) and certain assets of Arizona-based True
Harvest, LLC. Each of these acquisitions is subject to, among other
things, Greenrose’s compliance with certain debt covenants, the
terms, conditions and rights in each of the applicable agreements
and the receipt of applicable state regulatory approvals, if
any.
“Today marks an important milestone for
Greenrose,” said Mickey Harley, CEO and Director of Greenrose.
“Becoming a public company provides us with an opportunity to
accelerate both our organic and M&A expansion plans as we work
to build a platform of cannabis assets around award-winning,
high-quality flower. We are grateful to our shareholders and our
team for continuing to support us as we reach this exciting
moment.”
The acquisition of Theraplant, LLC was funded,
in part, by a $105 million senior secured credit facility from DXR
Finance, LLC.
Advisors
Imperial Capital, LLC and Boundary Peak Advisors
are acting as capital markets advisors to Greenrose. Gateway Group
is serving as communications advisor to Greenrose. Tarter Krinsky
& Drogin LLP served as corporate, M&A and securities
counsel for Greenrose, while Feuerstein Kulick LLP served as
regulatory and debt counsel. Hinckley, Allen & Snyder LLP
served as corporate, M&A and securities counsel and Canaccord
Genuity served as financial advisor for Theraplant, LLC.
About The Greenrose Holding Company
Inc.
The Greenrose Holding Company Inc. intends to
become a multi-state cultivator and producer of cannabis brands and
products. Greenrose is driven by cultivation, with the
understanding that being a leader in the cannabis industry requires
starting with outstanding flower derived from unique genetics and
scalable growth methods. Greenrose aims to be a vertically
integrated company that looks for scale and horizontal
consolidation.
No Offer or Solicitation
This press release relates to the proposed
Business Combination. This document does not constitute an offer to
sell or exchange, or the solicitation of an offer to buy or
exchange, any securities, nor shall there be any sale of securities
in any jurisdiction in which such offer, sale or exchange would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.
Forward-Looking Statements
Certain statements made in this release are
"forward looking statements" within the meaning of the "safe
harbor" provisions of the United States Private Securities
Litigation Reform Act of 1995. When used in this press release, the
words "estimates," "projected," "expects," "anticipates,"
"forecasts," "plans," "intends," "believes," "seeks," "may,"
"will," "should," "future," "propose" and variations of these words
or similar expressions (or the negative versions of such words or
expressions) are intended to identify forward-looking statements.
These forward-looking statements are not guarantees of future
performance, conditions or results, and involve a number of known
and unknown risks, uncertainties, assumptions and other important
factors, many of which are outside Greenrose's or its target
companies’ control, that could cause actual results or outcomes to
differ materially from those discussed in the forward-looking
statements. Important factors, among others, that may affect actual
results or outcomes include: liquidity of Greenrose's stock; costs
related to the proposed business combinations; Greenrose's ability
to manage growth; Greenrose's ability to identify and integrate
other future acquisitions; rising costs adversely affecting
Greenrose's profitability; competition in the legal cannabis
industry; adverse changes to the legal environment for the cannabis
industry; and general economic and market conditions impacting
demand for Greenrose's products and services. Readers should not
unduly rely on any projections or other forward-looking statements
or data contained herein.
Investor Relations Contact:Gateway Investor
RelationsCody Slach or Jackie Keshner(949)
574-3860GNRS@gatewayir.com
Greenrose Contact:Daniel HarleyExecutive Vice
President, Business Development(516)
307-0383ir@greenrosecorp.com
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