In our June 12 blog post, we reported on a potential acquisition in the cannabis industry:
As an illustration of the potential difficulties in an acquisition by a SPAC, in July 2017 it was announced that the publisher of High Times was going to be acquired by a SPAC, Origo Acquisition Corp. The merger has yet to be consummated, and Origo has scheduled a stockholder meeting for June 12 looking for approval to extend the time that Origo has to close a transaction before having to dissolve.
On June 12, 2018, Origo Acquisition Corporation obtained stockholder approval to amend its corporate charter to extend its deadline to consummate an acquisition from June 12, 2018 to September 12, 2018. Origo had previously entered into a merger agreement with Hightimes Holding Corp., the publisher of High Times Magazine. The amendment gives Origo an additional 3 months to consummate the merger. As a special purpose acquisition company, if Origo does not consummate the merger with Hightimes, or another qualifying acquisition by September 12, 2018, it will be forced to liquidate.
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