Mtech Acquisition Corp - MTECU
KERN Akerna
July 17 2019 - KERNW will be exercisable and ~3mm shares should free up - below.
Borrow has been over 200% and on July 15 is 450%.
Kern common hit $70 - no float. 7/15 now $14.
6/21 6,520,099 Consideration Shares were issued pursuant to the Merger Agreement. ...... recipients of the Consideration Shares executed a lock-up agreement each holder agreed not to engage in any transfer or other transaction with respect to the Consideration Shares for a period of time. With respect to 50% of the Consideration Shares, each holder agreed not to engage in a transfer or other transaction until the earlier of (1) one year from the closing of the Business Combination and (2) the date on which Akerna closes a subsequent corporate transaction with an unaffiliated third party that results in all of Akerna’s shareholders having the right to exchange their shares for cash, securities or other property. With respect to the remaining 50% of the Consideration Shares, each holder agreed not to engage in a transfer or other transaction until the earlier of (1) one year from the closing the business combination, (2) the date on which Akerna closes a subsequent corporate transaction ....and (3) the date on which the closing share price of Akerna common stock equals or exceeds $12.50 per share for any twenty trading days with any thirty trading day period.
6/20/19 At the Special Meeting, holders of 4,452,042 redeem ...... and the issuance of an additional 901,074 shares of common stock for an aggregate purchase price of $9.2 million (the “Private Placement”), there were approximately 10,400,381 shares of common stock and warrants to purchase approximately 5,993,750 shares of common stock of Akerna issued and outstanding.
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Pipe - sponsor giving one share for every nine pipe shares. Price of 10.21 - effective price paid is 9.19. No lockup? Company will file registration within 30 days.
Warrants should have 90 day cashless exercise feature but new pipe shares will be registered prior.
Pipe will be enough to close deal.
No rights - low float until pipe shares registered?
Preliminary Proxy 1/25/19
Trust ~
5mm at $10.00. $50mm.
Unit = 1 common + 1 warrant. No rights. Preliminary was 1/2 wt.
Warrant 1 + 11.50 < 1 common. Call 18. Can call cashless.
EarlyBird. Transfer - Continental
Expires 18 months. IPO 1/30/18.
proceeds.... in a U.S. — based trust account at JPMorgan Chase Bank, N.A., maintained by Continental Stock Transfer & Trust Company, New York, New York, as trustee.
Our initial business combination and value creation strategy will be to identify, acquire and, after our initial business combination, assist in the growth of a business ancillary to the cannabis industry, with a particular sector focus that includes compliance, business intelligence, brand development and media.
Our management team has collectively invested over $30 million in cannabis-related businesses in the last 3+ years, more than half of which is personal capital. In 2016, Steven Van Dyke and Scott Sozio, both members of our management team, founded Hypur Ventures,( https://hypurventures.com/ ) a venture capital fund dedicated to investing in businesses that operate in the cannabis industry. Hypur Ventures is fully invested with positions in eight portfolio companies engaged in various aspects of the cannabis industry not “touching the plant”, including compliance, business intelligence, brand development and media. Our management believes its investments have established market leadership positions and emerging track records of customer acquisition in this high-growth industry. We believe our management team’s history of completing cannabis transactions and building businesses that require creative solutions give us a unique ability to combine with an attractive company in this industry.
Our management team is led by Steven Van Dyke, our Chairman, who has more than 30 years of capital management experience, having founded and run two hedge funds with over $1 billion in assets under management, most recently as founding partner of New York-based BHR Capital LLC. Mr. Van Dyke built his career and reputation around his expertise in alternative investments, including restructurings, venture capital and real estate.
Our strategy will be to invest in businesses that are ancillary to the production, distribution and sale of cannabis, with a particular focus on three segments of the industry:
· Compliance, Business Intelligence, · Brands & Media: