TORONTO, April 19, 2021 /CNW/ - CANACCORD GENUITY GROWTH II CORP. (TSX: CGGZ.UN) (the "Corporation") announced today that it expects to close its qualifying transaction with Taiga Motors Inc. ("Taiga") (the "Qualifying Transaction") on April 21, 2021. In connection with the closing of the Qualifying Transaction, the Corporation will redeem approximately 3 million class A restricted voting units that have been deposited for redemption in connection therewith, at a redemption price of approximately $3.03 per unit for a gross amount of approximately $9 million. Concurrently with the closing of the Qualifying Transaction, the Corporation expects to complete an approximately $100 million private placement financing. When combined with cash remaining in the Corporation's IPO escrow account, the Corporation expects to have approximately $151 million upon closing of the Qualifying Transaction, before taking into account transaction expenses.
About Canaccord Genuity Growth II Corp.
Canaccord Genuity Growth II Corp. is a special purpose acquisition corporation incorporated under the laws of the Province of British Columbia for the purpose of effecting an acquisition of one or more businesses or assets, by way of a merger, amalgamation, arrangement, share exchange, asset acquisition, share purchase, reorganization, or any other similar business combination involving the Corporation that will qualify as its "qualifying transaction". For more information regarding the Corporation, see the Corporation's most recent annual information form, financial statements, management's discussion & analysis and other continuous disclosure documents periodically filed on SEDAR.
This press release may contain forward–looking information within the meaning of applicable securities legislation, which reflects the Corporation's current expectations regarding future events. Forward–looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Corporation's control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward–looking information. The Corporation does not undertake any obligation to update such forward–looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
SOURCE Canaccord Genuity Growth II Corp.
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