PROPOSED BUSINESS COMBINATION: Clever Leaves
ESTIMATED CURRENT FUNDS in TRUST: $86.8 million*
CURRENT PER SHARE REDEMPTION PRICE: $10.22*
ENTERPRISE VALUE: $205.9 million
*SPACInsider estimate
SUBSEQUENT EVENTS NOVEMBER 9, 2020
On November 9th, SAMA announced that it has amended its business combination agreement with Clever Leaves along the following:
a) Change the definition of Cash Arrangement Consideration to an aggregate amount up to $2,000,000 in cash in the aggregate payable to certain Clever Leaves shareholders, with such amount increasing to (i) $3,000,000 if after giving effect to the exercise of redemption rights and payments related thereto, the funds in the Trust Account plus proceeds from the Agreed PIPE (defined below) are greater than or equal to $60,000,000, and (ii) $4,000,000 if after giving effect to the exercise of redemption rights and payments related thereto, the funds in the Trust Account plus proceeds from the Agreed PIPE are greater than or equal to $90,000,000
b) Amend the formula for calculating the Arrangement Consideration such that the amount will be derived from $183,600,000
c) Reduce the minimum cash amount required to be held by SAMA either in or outside the Trust Account at Closing, including the aggregate amount of the PIPEs (including for the avoidance of doubt, the aggregate amount of the Agreed PIPE), to $26,000,000
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