Canna-Global Acquisition Corp. Announces Signing a Letter of Intent for a Merger with Invest Inc.
July 12 2024 - 7:14PM
Canna-Global Acquisition Corp. (“Canna-Global”) (OTC PINK: CNGL)
announced today that it has entered into a letter of intent (LOI)
for a proposed business combination agreement (the “Transaction”)
that will result in Canna-Global acquiring 100% of the outstanding
equity of Invest Inc, a Wyoming corporation (the “Company”). This
Transaction values the Company at an initial enterprise value of
$250 million and will enable the Company to become a publicly
traded company in the United States.
The Company is a fintech innovator offering a
unique machine-learning investment platform that revolutionizes
investment decisions on its platform that leverages advanced
proprietary algorithms and data analytics to provide investors with
insights and strategies that optimize returns and manage risks
effectively.
J. Gerald Combs, CEO of Canna-Global commented,
“The fintech industry is experiencing rapid growth and we are
excited to facilitate Invest Inc.’s transition to the public
markets. This business combination aligns with our mission to
identify and support a target company with high-growth potential.
We believe that Invest Inc.’s disruptive fintech and strategic
vision will create significant value for our shareholders.” Mr.
Combs remarked further, “This marks a significant milestone for
Canna-Global as it initiates the de-SPAC process, transitioning
from a blank check shell company to an operating business.”
David Kugelman, newly appointed CEO of Invest
Inc, highlighted its long running goal of becoming a publicly
traded company and the enhanced market presence this transaction
will bring. “Joining forces with Canna Global represents a
significant opportunity for Invest Inc. to accelerate our growth
and enhance our market presence. We look forward to leveraging the
benefits of being a publicly traded company to continue delivering
exceptional value to our customers and stakeholders,” said
Kugelman. Invest Inc. recently launched a first-of-its-kind
machine-learning investment platform, positioning itself as a
leader in the integration of advanced technology in financial
markets.
The LOI has been unanimously approved by the
boards of directors of both Canna-Global and Invest Inc, and the
parties expect to proceed swiftly to negotiate and finalize the
definitive agreements. The completion of the Transaction is
contingent upon several factors, including the completion of due
diligence, the negotiation of a definitive agreement, the
satisfaction of the conditions negotiated therein, and approval of
the transaction by the stockholders of both companies.
Upon reaching a definitive agreement, the parties shall
disclose additional details regarding the proposed transaction.
Subject to the absence of unforeseen circumstances, the transaction
is anticipated to be finalized expeditiously. The audit of Invest
Inc. is also in process. Subject to previously disclosed
limitations, Canna-Global’s stockholders will have the right to
redeem their shares if they disapprove of the Transaction, allowing
them to exit the investment in exchange for their pro rata
distribution of funds held by the trust.
About Canna-Global Acquisition
Corp.
Canna-Global Acquisition Corp is a Delaware
corporation formed as a special purpose acquisition company to
effect mergers, stock exchanges, asset acquisitions, stock
purchases, reorganizations, or similar business combinations with
one or more businesses.
About Invest Inc.
Invest Inc is at the forefront of financial
technology innovation, offering a unique machine-learning
investment platform that revolutionizes how investment decisions
are made. The platform leverages advanced algorithms and data
analytics to provide investors with insights and strategies that
optimize returns and manage risks effectively. With a commitment to
integrating cutting-edge technology in the financial sector, Invest
Inc. is dedicated to transforming the investment landscape and
delivering exceptional value to its clients. Invest Inc. has
reserved a two letter ticker symbol (“II”) with the NYSE that it
intends to use as part of an uplisting.
Safe Harbor Statement
This release contains “forward-looking
statements.” Forward-looking statements also may be included in
other publicly available documents issued by CNGL and in oral
statements made by our officers and representatives from time to
time. These forward-looking statements are intended to provide
management's current expectations or plans for our future operating
and financial performance, based on assumptions currently believed
to be valid. They can be identified by the use of words such as
“anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,”
“project,” “estimate,” “expect,” “strategy,” “future,” “likely,”
“may,” “should,” “would,” “could,” and other words of similar
meaning in connection with a discussion of future operating or
financial performance.
Because forward-looking statements relate to the
future, they are subject to inherent risks, uncertainties and other
factors that may cause CNGL's actual results and financial
condition to differ materially from those expressed or implied in
the forward-looking statements. Such risks, uncertainties and other
factors include, among others such as, but are not limited to
economic conditions, changes in the laws or regulations, and other
factors that could cause actual results to differ materially from
those projected or represented in the forward-looking statements.
Any forward-looking information provided in this release should be
considered with these factors in mind. We assume no obligation to
update any forward-looking statements contained in this press
release.
Canna-Global Contact:
J. Gerald CombsChief Executive
Officergerry.combs@cashiamg.com
Source: Canna-Global Acquisition Corp.
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