Collective Growth Corp. (CGROU) Prices $150M SPAC IPO


Collective Growth Corp. (CGROU) Prices $150M SPAC IPO

Apr 30, 2020 INTEL by Kristi Marvin

Collective Growth Corp. (CGROU), announced the pricing of their $150 million SPAC IPO this evening and the units are expected to begin trading, tomorrow, Friday, May 1st, under the symbol NASDAQ: CGROU.

Collective Growth intends to focus on companies in the cannabinoid sector and will be led by Bruce Linton, as Chairman and CEO. Mr. Linton previously founded and served as Chairman and CEO of Canopy Growth (NYSE: CGC), a diversified cannabis, hemp and cannabis device company.

Total SPAC deal count for 2020 year-to-date is now 19 with $6.116 billion in gross proceeds raised. The offering is expected to close on Tuesday, May 5, 2020.

Cantor Fitzgerald & Co. acted as sole book-running manager for the offering. Graubard Miller and Ellenoff Grossman & Schole LLP, were Issuer’s Counsel and Underwriter’s Counsel, respectively. Marcum LLP acted as auditor.