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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of
the
Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): October 16, 2023
Canna-Global
Acquisition Corp
(Exact
name of registrant as specified in its charter)
Delaware
(State
or other jurisdiction of incorporation)
001-41102 |
|
86-3692449 |
(Commission
File Number) |
|
(IRS
Employer Identification No.) |
4640
Admiralty Way, Suite 500
Marina
Del Rey, California 90292
(Address
of principal executive offices, including zip Code)
310-496-5700
(Registrant’s
telephone number, including area code)
N/A
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of Each Class |
|
Trading
Symbol(s) |
|
Name
of Each Exchange on Which Registered |
Units,
each consisting of one share of Class A common stock, par value $0.000001 per share and one redeemable warrant of one share of Common
Stock |
|
CNGLU |
|
The
Nasdaq Stock Market LLC |
Class
A common stock included as part of the units |
|
CNGL |
|
The
Nasdaq Stock Market LLC |
Redeemable
warrants included as part of the units |
|
CNGLW |
|
The
Nasdaq Stock Market LLC |
Representative’s
shares of Class A common stock |
|
CNGL |
|
The
Nasdaq Stock Market LLC |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☒
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item
1.01 Entry into a Material Definitive Agreement
The
information set forth in Item 1.02 below is hereby incorporated by reference into this Item 1.01.
Item
1.02 Termination of a Material Definitive Agreement.
As
previously disclosed by Canna-Global Acquisition Corp, a Delaware corporation (together with its successors, “Canna-Global”
or “Company”) in its Current Reports on Form 8-K filed with the Securities and Exchange Commission (the “SEC”)
on June 16, 2023, Canna-Global entered into a definitive Bid Implementation and Business Combination Agreement (the “Agreement”)
with New Quantum Holdings Pty Ltd. (“New Quantum”, along with J. Gerald Combs, solely in his capacity as the representative
from and after the Effective Time (as defined below) for the stockholders of Canna-Global, and Hyun Jong Chung, solely in his capacity
as the representative from and after the Effective Time for New Quantum in accordance with the terms and conditions of the Agreement
(collectively, the “Parties”), in connection with Canna-Global’s
initial business combination (the “Business Combination”), pursuant to which Canna
Global would acquire all of the ordinary shares of New Quantum and New Quantum would become a wholly-owned subsidiary of Canna-Global.
On
October 16, 2023, 2022, Canna-Global received written notice that New Quantum had terminated the Agreement. As a result of the termination
of the Agreement, Canna-Global intends to begin evaluating other possible business combination targets promptly though there can be no
assurance these evaluations or efforts will result in a business combination transaction with Canna-Global.
As
a result of the termination of the Agreement, the Agreement will be of no further force and effect, and certain agreements entered into
in connection with the Agreement, including but not limited to, the Sponsor Support Agreement, will also automatically be terminated
in accordance with its terms or be of no further force and effect. In addition, as a result of the termination of the Agreement, Canna-Global
will withdraw the Bidder’s Statement it lodged with the Australian Securities and Investments
Commission in respect of its Takeover Bid for New Quantum under the terms of the Agreement. The foregoing description of the Bidder’s
Statement does not purport to be complete.
The
foregoing descriptions of the Agreement do not purport to be complete and are qualified in their entirety by the terms and conditions
of the full text of the Agreement, which was previously filed as Exhibit 1.1 to the Current Reports on Form 8-K filed with the SEC on
June 16, 2023, which is incorporated by reference herein.
Item
5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of
Certain Officers.
Also
on October 16, 2023, Marco Bardelli, Chairperson of the Canna-Global board’s Governance and Nomination Committee, tendered his
resignation citing his heavy workload and upcoming sudden business obligations. Mr. Bardelli did not advise Canna-Global of any disagreement
with the Company on any matter relating to its operations, policies or practices. Effective upon Mr. Bardelli’s resignation as
a director, the size of the Company’s Board of Directors will be reduced from six to five directors. Canna-Global board member,
Ms. Christine Cho, will serve as Canna-Global board’s Governance and Nomination Committee Chair until Canna-Global appoints a permanent
Chair of the Governance and Nomination Committee.
Forward-Looking
Statements
This
Current Report on Form 8-K (the “Report”) contains forward-looking statements that involve risks and uncertainties.
Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties,
which could cause actual results to differ from the forward-looking statements. These forward-looking statements and factors that may
cause such differences include, without limitation, uncertainties relating to Canna-Global’s shareholder approval of the Extension,
Canna-Global’s inability to complete an initial business combination within the required time period or, and other risks and uncertainties
indicated from time to time in filings with the SEC, including Canna-Global’s Annual Report on Form 10-K for the fiscal year ended
December 31, 2021 and December 31, 2022 under the heading “Risk Factors” and other documents Canna-Global has filed, or to
be filed, with the SEC. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of
the date made. Canna-Global expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in Canna-Global’s expectations with respect thereto or any change in events,
conditions or circumstances on which any statement is based.
Item
9.01. Financial Statements and Exhibits.
(d)
Exhibits
Exhibit
No. |
|
Description |
|
|
|
104 |
|
The
cover page from this Current Report on Form 8-K, formatted in Inline XBRL (included as Exhibit 101). Canna-Global agrees to furnish
supplementally a copy of all omitted exhibits and schedules to the SEC upon request. |
SIGNATURES
Pursuant
to the requirements of the Exchange Act, Canna-Global has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
|
CANNA-GLOBAL
ACQUISITION CORP |
|
|
|
Date:
October 20, 2023 |
By:
|
/s/
J. Gerald Combs |
|
|
J.
Gerald Combs |
|
|
Chief
Executive Officer |
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Entity File Number |
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|
Entity Registrant Name |
Canna-Global
Acquisition Corp
|
Entity Central Index Key |
0001867443
|
Entity Tax Identification Number |
86-3692449
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
4640
Admiralty Way
|
Entity Address, Address Line Two |
Suite 500
|
Entity Address, City or Town |
Marina
Del Rey
|
Entity Address, State or Province |
CA
|
Entity Address, Postal Zip Code |
90292
|
City Area Code |
310
|
Local Phone Number |
496-5700
|
Written Communications |
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|
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|
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|
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|
Entity Emerging Growth Company |
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|
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Units, each consisting of one share of Class A common stock, par value $0.000001 per share and one redeemable warrant of one share of Common Stock |
|
Title of 12(b) Security |
Units,
each consisting of one share of Class A common stock, par value
|
Trading Symbol |
CNGLU
|
Security Exchange Name |
NASDAQ
|
Class A common stock included as part of the units |
|
Title of 12(b) Security |
Class
A common stock included as part of the units
|
Trading Symbol |
CNGL
|
Security Exchange Name |
NASDAQ
|
Redeemable warrants included as part of the units |
|
Title of 12(b) Security |
Redeemable
warrants included as part of the units
|
Trading Symbol |
CNGLW
|
Security Exchange Name |
NASDAQ
|
Representatives shares of Class A common stock |
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Title of 12(b) Security |
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