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Schultze Special Purpose Acquisition Corp. (SAMA)

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10.41-0.05 (-0.48%)
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10.55 +0.14 (1.34%)
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Previous Close10.46
Open10.56
Bid10.40 x 900
Ask13.00 x 900
Day's Range10.30 - 10.58
52 Week Range9.61 - 11.09
Volume332,425
Avg. Volume142,196
Market Cap122.23M
Beta (5Y Monthly)N/A
PE Ratio (TTM)N/A
EPS (TTM)-0.23
Earnings DateN/A
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Ex-Dividend DateN/A
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  • Clever Leaves Expands in Brazil Through Multi-Year Supply Agreement with GreenCare
    GlobeNewswire

    Clever Leaves Expands in Brazil Through Multi-Year Supply Agreement with GreenCare

    Clever Leaves Received an Initial $2M Payment Upon Signing the $4M “take or pay” AgreementNEW YORK, Nov. 23, 2020 (GLOBE NEWSWIRE) -- Clever Leaves International Inc. (“Clever Leaves”), a leading multi-national operator and licensed producer of pharmaceutical-grade cannabinoids, announced today that it has entered into a commercial agreement with GreenCare, a leading pharmaceutical company in education and medicine, access, and distribution of products in the Brazilian cannabinoids market, to license and distribute certain Clever Leaves’ white label finished cannabis-derived products. The products that will be delivered to GreenCare will be manufactured in Clever Leaves’ EU-GMP certified facilities in Colombia. The three-year agreement provides that GreenCare will purchase at least $4M of product from Clever Leaves, and $2M was paid to Clever Leaves upon the execution of the contract. This type of agreement is a significant milestone in Latin America for cannabinoid products, and it could serve as a guide for additional supply partnerships that may be struck in the region going forward. Under the agreement, Clever Leaves will provide a territory-exclusive, patient-ready CBD-dominant product that will be exported to Brazil and registered in accordance with the Brazilian health regulatory agency’s (ANVISA) regulations. The initial CBD-dominant product that will be shipped by Clever Leaves will be commercialized and distributed by GreenCare to pharmacies and other authorized pharmaceutical channels in the country. GreenCare has committed to perform clinical trials on the initial product, and the parties anticipate that the first commercial shipment under the agreement will reach the Brazilian market by second quarter of 2021.“This partnership with Clever Leaves reinforces our commitment to offering solutions in the Brazilian market based on quality, safety and efficacy. It will allow us to expand a portfolio of reliable and internationally recognized products, ensuring that our investments in education and built relationships with the most respected doctors in the country are validated by the best available alternatives in cannabinoid treatment in Brazil,” says Martim Prado Mattos, CEO of GreenCare."As the largest potential medical cannabis market in Latin America, Brazil represents an incredible market opportunity for Clever Leaves’ licensed products. GreenCare is an ideal partner for Clever Leaves to enter Brazil, as they offer the critical experience and knowledge of the commercial dynamics in Brazil across the medical and pharmaceutical communities,” said Kyle Detwiler, CEO of Clever Leaves. “The execution of this agreement provides Clever Leaves with a near-term revenue opportunity and is a display of confidence in the quality of our operations and our ability to deliver.”“This is a major milestone for Clever Leaves, as we pursue new commercial partnerships and navigate an evolving global medical cannabis marketplace,” said Andrés Fajardo, President of Clever Leaves. “Our premium cannabinoid products, EU GMP certified production practices, and pharmaceutical stability data generated specifically for the Brazilian tropical conditions, coupled with GreenCare’s access to important distribution channels and insight into doctors’ and patients’ needs, will set a new standard for accessibility, quality and value for Brazil.”Clever Leaves has received multiple international certifications that have enabled it to increase its export and sales capacity from its Colombian operations, including the highly coveted European Union Good Manufacturing Practices (EU GMP) Certification, a Good Manufacturing Practices (GMP) Certification by INVIMA, and Good Agricultural and Collecting Practices (GACP) Certification. Also, in August 2020, Clever Leaves was granted a provisional license in Portugal from Infarmed – the Portuguese health authority – that allows Clever Leaves to cultivate, import and export dry flower for medicinal and research purposes.Clever Leaves recently announced that it amended its definitive agreement with Schultze Special Purpose Acquisition Corp. (Nasdaq: SAMA, SAMAW, and SAMAU) (“SAMA”), pursuant to which a newly formed holding company, Clever Leaves Holdings Inc. (“Holdco”) will acquire SAMA and Clever Leaves (the “Business Combination”). The transaction is expected to close in the fourth quarter of 2020, with Holdco anticipated to become a Nasdaq-listed public company trading under the ticker symbol “CLVR".About Clever Leaves International Inc. Clever Leaves is a multi-national cannabis company with a mission to operate in compliance with federal and state laws and with an emphasis on ecologically sustainable, large-scale cultivation and pharmaceutical-grade processing as the cornerstones of its global cannabinoid business. With operations and investments in Canada, Colombia, Germany, Portugal, and the United States, Clever Leaves has created an effective distribution network and global footprint, with a foundation built upon capital efficiency and rapid growth. Clever Leaves aims to be one of the industry’s leading global cannabinoid companies recognized for its principles, people, and performance while fostering a healthier global community.About GreenCareFounded in 2018, GreenCare has the mission to offer legal, safe and effective cannabinoid based products to the health and wellness segments of the Brazilian market.With a strategy focused on continuous medical education, scientific research and innovation, GreenCare offers high quality products, providing strong support to doctors, patients and consumers. Holding thousands of face-to-face medical visits or virtual interactions every month, GreenCare has the highest capabilities among health professionals from the most varied clinical specialities including neurology, rheumatology, psychiatry, gynaecology, among others.GreenCare believes in the potential of medicinal cannabis and in the countless benefits of its derived products for patients and their families. The company is continually expanding its portfolio of cannabis derived products to quickly meet the different needs of doctors, patients and consumers looking for innovative solutions in medical treatment and wellness care.One of the leaders in sales and access in the Brazilian market, GreenCare has as its controlling shareholder, one of the most important global funds of venture capital specialized in cannabis businesses, Greenfield Global Opportunities, which has investments in 16 companies, established in 6 different countries.About Schultze Special Purpose Acquisition Corp. Schultze Special Purpose Acquisition Corp. (Nasdaq: SAMA, SAMAW, and SAMAU) is a blank check company formed for the purpose of entering into a merger, stock exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities. SAMA’s sponsor is an affiliate of Schultze Asset Management, LP, an alternative investment management firm founded in 1998 that focuses on distressed, special situation and event-driven securities and has invested over $3.2 billion since inception with a notable track-record through its active investment strategy. SAMA itself is backed by an experienced team of operators and investors with a successful track-record of creating material value in public and private companies.Additional Information and Where to Find It In connection with the Business Combination, Holdco has filed a Registration Statement on Form S-4 (the “Registration Statement”) with the Securities and Exchange Commission (“SEC”) which includes a prospectus with respect to Holdco’s securities to be issued in connection with the Business Combination and a proxy statement with respect to SAMA’s stockholder meeting at which SAMA’s stockholders will be asked to vote on the proposed Business Combination. SAMA, Clever Leaves and Holdco urge investors, stockholders and other interested persons to read the Registration Statement, including the proxy statement/prospectus contained therein, as well as other documents filed with the SEC, because these documents contain important information about the Business Combination. Following the Registration Statement having been declared effective by the SEC, a definitive proxy statement/prospectus will be mailed to stockholders of SAMA as of a record date to be established for voting on the Business Combination. SAMA’s stockholders will also be able to obtain a copy of such documents, without charge, by directing a request to: Schultze Special Purpose Acquisition Corp, 800 Westchester Avenue, Suite 632, Rye Brook, New York 10573; e-mail: sdu@samco.net. These documents, once available, can also be obtained, without charge, at the SEC’s web site (http://www.sec.gov).Participants in Solicitation SAMA, Clever Leaves, Holdco and their respective directors, executive officers and other members of their management and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies of SAMA stockholders in connection with the Business Combination. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to SAMA’s stockholders in connection with the Business Combination is set forth in the preliminary proxy statement/prospectus contained in the Registration Statement, and will also be included in the definitive proxy statement/prospectus for the Business Combination when available. Information concerning the interests of SAMA’s and Clever Leaves’ participants in the solicitation, which may, in some cases, be different than those of SAMA’s and Clever Leaves’ equity holders generally, is also set forth in the proxy statement/prospectus contained in the Registration Statement, and will also be included in the definitive proxy statement/prospectus for the Business Combination when available.Forward Looking Statements This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts and may be identified by the words "estimates," "projected," "expects," "anticipates," "forecasts," "plans," "intends," "believes," "seeks," "may," "will," "should," "future," "propose" and variations of these words or similar expressions (or the negative versions of such words or expressions). Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. Factors that may cause such differences include, without limitation, SAMA’s and Clever Leaves’ inability to complete the transactions contemplated by the Business Combination; matters discovered by the parties as they complete their respective due diligence investigation of the other; the inability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, the amount of cash available following any redemptions by SAMA stockholders and the ability to close the private placement with certain institutional investors; the ability to meet Nasdaq's listing standards following the consummation of the Business Combination; costs related to the Business Combination; expectations with respect to future operating and financial performance and growth, including when Clever Leaves or Holdco will become cash flow positive; the timing of the completion of the Business Combination; Clever Leaves’ ability to execute its business plans and strategy and to receive regulatory approvals; potential litigation involving the parties; global economic conditions; geopolitical events, natural disasters, acts of God and pandemics, including, but not limited to, the economic and operational disruptions and other effects of COVID-19; regulatory requirements and changes thereto; access to additional financing; and other risks and uncertainties indicated from time to time in filings with the SEC. Other factors include the possibility that the proposed transaction does not close, including due to the failure to receive required security holder approvals or the failure to satisfy other closing conditions. The foregoing list of factors is not exclusive. Additional information concerning certain of these and other risk factors is contained in the Registration Statement, including the proxy statement/prospectus included therein. All subsequent written and oral forward-looking statements concerning SAMA, Clever Leaves or Holdco, the transactions described herein or other matters and attributable to SAMA, Clever Leaves, Holdco or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Each of SAMA, Clever Leaves and Holdco 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 their expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.Press contacts: McKenna Miller KCSA Strategic Communications +1347-487-6197 mmiller@kcsa.comDiana Sigüenza Strategic Communications Director +573102368830 Diana.siguenza@cleverleaves.comFábio Pimentel GreenCare Strategic Communication  +5511938060617 fabio.pimentel@vitalagencia.comInvestor inquiries: Raphael Gross ICR +1203-682-8253 raphael.gross@icrinc.com

  • Clever Leaves Announces Milestone in Cannabis Exports to 14 Different Countries on 5 Continents
    GlobeNewswire

    Clever Leaves Announces Milestone in Cannabis Exports to 14 Different Countries on 5 Continents

    Company continues to successfully expand international partnerships, supply chain, and logistics operationsNEW YORK, Nov. 18, 2020 (GLOBE NEWSWIRE) -- Clever Leaves International Inc. (“Clever Leaves”), a leading multi-national operator and licensed producer of pharmaceutical-grade cannabinoids, has provided an update on their current international footprint by announcing successful exportation of cannabis products to 14 different countries and 5 continents as of Q4 of 2020. The products range from raw materials, including active pharmaceutical ingredients (APIs) and semi-finished products, including white label products. Clever Leaves’ international network highlights the Company’s ability maintain important partnerships with regulatory agencies and governments as well as the ability to navigate pandemic-related supply chain setbacks. In compliance with all cannabis regulations in the countries served, the Company’s portfolio of products has been exported to Australia, Brazil, Canada, Chile, the Czech Republic, Germany, Israel, Netherlands, Perú, Poland, Spain, South Africa, the United Kingdom, and the United States.“Most of the international cannabis industry functions like a pharmaceutical channel requiring significant investments of time and focus by both a supplier such as Clever Leaves and its commercial partners throughout the world. Success depends on navigating nascent but strict regulatory systems, and relationships often require initial small batch or sample shipments and validation before larger partnerships can emerge. COVID-19 has introduced new challenges even when it comes to basic transportation logistics. These milestones across our export network strengthen our ability to deliver value to our business partners and to patients around the world,” said Kyle Detwiler, CEO of Clever Leaves.“The resilience, professionalism, and creativity in times of setback, have been critical to the success of our team to navigate complex regulatory frameworks and to meet customers' deadlines during a time of unparalleled logistical restrictions. Additionally, we are grateful to work in partnership with local regulatory agencies and logistics service providers who share the same goal to bring high-quality medical cannabis products to patients and are committed to the advancement of the global cannabis market,” said Andrés Fajardo, President of Clever Leaves.The Company was granted their EU GMP certification for cannabis extracts in July 2020, establishing Clever Leaves’ facilities in Colombia as the first and only operation to be granted EU GMP certification in Latin America and one of a select few in the world. The certification, which is generally required to import medical cannabis products into the European Union, allows Clever Leaves to produce API, semi-finished and finished products to be distributed in pharmaceutical channels. Additionally, in August 2020, Clever Leaves was granted a provisional license in Portugal from Infarmed, the Portuguese health authority that allows Clever Leaves to cultivate, import and export dry flower for medicinal and research purposes.Clever Leaves recently announced that it amended its definitive agreement with Schultze Special Purpose Acquisition Corp. (Nasdaq: SAMA, SAMAW, and SAMAU) (“SAMA”), pursuant to which a newly formed holding company, Clever Leaves Holdings Inc. (“Holdco”) will acquire SAMA and Clever Leaves (the “Business Combination”). The transaction is expected to close in the fourth quarter of 2020, with Holdco anticipated to become a Nasdaq-listed public company trading under the ticker symbol “CLVR".About Clever Leaves International Inc. Clever Leaves is a multi-national cannabis company with a mission to operate in compliance with federal and state laws and with an emphasis on ecologically sustainable, large-scale cultivation and pharmaceutical-grade processing as the cornerstones of its global cannabinoid business. With operations and investments in Canada, Colombia, Germany, Portugal, and the United States, Clever Leaves has created an effective distribution network and global footprint, with a foundation built upon capital efficiency and rapid growth. Clever Leaves aims to be one of the industry’s leading global cannabinoid companies recognized for its principles, people, and performance while fostering a healthier global community.About Schultze Special Purpose Acquisition Corp. Schultze Special Purpose Acquisition Corp. (Nasdaq: SAMA, SAMAW, and SAMAU) is a blank check company formed for the purpose of entering into a merger, stock exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities. SAMA’s sponsor is an affiliate of Schultze Asset Management, LP, an alternative investment management firm founded in 1998 that focuses on distressed, special situation and event-driven securities and has invested over $3.2 billion since inception with a notable track-record through its active investment strategy. SAMA itself is backed by an experienced team of operators and investors with a successful track-record of creating material value in public and private companies.Additional Information and Where to Find It In connection with the Business Combination, Holdco has filed a Registration Statement on Form S-4 (the “Registration Statement”) with the Securities and Exchange Commission (“SEC”) which includes a prospectus with respect to Holdco’s securities to be issued in connection with the Business Combination and a proxy statement with respect to SAMA’s stockholder meeting at which SAMA’s stockholders will be asked to vote on the proposed Business Combination. SAMA, Clever Leaves and Holdco urge investors, stockholders and other interested persons to read the Registration Statement, including the proxy statement/prospectus contained therein, as well as other documents filed with the SEC, because these documents contain important information about the Business Combination. Following the Registration Statement having been declared effective by the SEC, a definitive proxy statement/prospectus will be mailed to stockholders of SAMA as of a record date to be established for voting on the Business Combination. SAMA’s stockholders will also be able to obtain a copy of such documents, without charge, by directing a request to: Schultze Special Purpose Acquisition Corp, 800 Westchester Avenue, Suite 632, Rye Brook, New York 10573; e-mail: sdu@samco.net. These documents, once available, can also be obtained, without charge, at the SEC’s web site (http://www.sec.gov).Participants in Solicitation SAMA, Clever Leaves, Holdco and their respective directors, executive officers and other members of their management and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies of SAMA stockholders in connection with the Business Combination. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to SAMA’s stockholders in connection with the Business Combination is set forth in the preliminary proxy statement/prospectus contained in the Registration Statement, and will also be included in the definitive proxy statement/prospectus for the Business Combination when available. Information concerning the interests of SAMA’s and Clever Leaves’ participants in the solicitation, which may, in some cases, be different than those of SAMA’s and Clever Leaves’ equity holders generally, is also set forth in the proxy statement/prospectus contained in the Registration Statement, and will also be included in the definitive proxy statement/prospectus for the Business Combination when available.Forward Looking Statements This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts and may be identified by the words "estimates," "projected," "expects," "anticipates," "forecasts," "plans," "intends," "believes," "seeks," "may," "will," "should," "future," "propose" and variations of these words or similar expressions (or the negative versions of such words or expressions). Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. Factors that may cause such differences include, without limitation, SAMA’s and Clever Leaves’ inability to complete the transactions contemplated by the Business Combination; matters discovered by the parties as they complete their respective due diligence investigation of the other; the inability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, the amount of cash available following any redemptions by SAMA stockholders and the ability to close the private placement with certain institutional investors; the ability to meet Nasdaq's listing standards following the consummation of the Business Combination; costs related to the Business Combination; expectations with respect to future operating and financial performance and growth, including when Clever Leaves or Holdco will become cash flow positive; the timing of the completion of the Business Combination; Clever Leaves’ ability to execute its business plans and strategy and to receive regulatory approvals; potential litigation involving the parties; global economic conditions; geopolitical events, natural disasters, acts of God and pandemics, including, but not limited to, the economic and operational disruptions and other effects of COVID-19; regulatory requirements and changes thereto; access to additional financing; and other risks and uncertainties indicated from time to time in filings with the SEC. Other factors include the possibility that the proposed transaction does not close, including due to the failure to receive required security holder approvals or the failure to satisfy other closing conditions. The foregoing list of factors is not exclusive. Additional information concerning certain of these and other risk factors is contained in the Registration Statement, including the proxy statement/prospectus included therein. All subsequent written and oral forward-looking statements concerning SAMA, Clever Leaves or Holdco, the transactions described herein or other matters and attributable to SAMA, Clever Leaves, Holdco or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Each of SAMA, Clever Leaves and Holdco 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 their expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.Press contacts: McKenna Miller KCSA Strategic Communications +1347-487-6197 mmiller@kcsa.com Diana Sigüenza Strategic Communications Director +573102368830 Diana.siguenza@cleverleaves.com Investor inquiries: Raphael Gross ICR +1203-682-8253 raphael.gross@icrinc.com

  • GlobeNewswire

    Schultze Special Purpose Acquisition Corp. and Clever Leaves International Inc. to Participate in SPACInsider Webinar on November 16 at 1:00 p.m. ET

    Former U.S. Senate Majority Leader, Tom Daschle Will Also Discuss Cannabis Regulation and LegislationRYE BROOK, N.Y., Nov. 12, 2020 (GLOBE NEWSWIRE) -- Schultze Special Purpose Acquisition Corp. (NASDAQ: SAMA, SAMAW, and SAMAU) (“SAMA”) and Clever Leaves International Inc. (“Clever Leaves”) today announced that the two companies will participate in a webinar hosted by SPACInsider on November 16, 2020 at 1:00 p.m. ET. Principals of Clever Leaves and SAMA will discuss recent updates to their pending transaction as highlighted below. Clever Leaves Special Advisor and Former Senate Majority Leader, Tom Daschle, will also be participating in the webinar to discuss the potential changing U.S. regulatory landscape. Gavin O’Reilly, who heads Cowen and Company’s cannabis investment banking practice, will help moderate the discussion. The webinar for this event can be accessed at: https://zoom.us/webinar/register/9716002138660/WN_tAJgR_sJSPaCnmZLHrmWTAParticipants in the webinar will include: * Kyle Detwiler: CEO, Clever Leaves * Andres Fajardo: President, Clever Leaves * Senator Tom Daschle: Clever Leaves Special Advisor, Former U.S. Senate Majority Leader * George Schultze: Chairman and CEO, Schultze Special Purpose Acquisition Corp. * Gary Julien: EVP and Director, Schultze Special Purpose Acquisition Corp. * Gavin O'Reilly: Managing Director, Cowen and CompanyOn November 9, 2020 the two companies announced that they amended their definitive agreement (the “Business Combination Agreement”), which was entered into on July 25, 2020, pursuant to which a newly formed holding company, Clever Leaves Holdings Inc. (“Holdco”), will acquire SAMA and Clever Leaves (the “Business Combination”) and is anticipated to become a NASDAQ-listed public company trading under the ticker symbol “CLVR”.Under the amended terms, the initial expected enterprise value has been reduced to $206 million from $255 million and the minimum cash condition for SAMA has been reduced to $26 million from $60 million. Additionally, the cash consideration payable to certain Clever Leaves’ shareholders at closing has been amended, thereby increasing the equity rollover consideration of the transaction to approximately 97% while Schultze Special Purpose Acquisition Sponsor, LLC agreed to restructure its’ equity ownership to better align with the capital retained at closing. In connection with these revised terms, institutional investors have committed over $10 million through a private placement to be funded at closing of the Business Combination. Additionally, select SAMA stockholders have agreed not to redeem their shares held thereby providing a path to over $16 million of additional committed capital1 and thus having adequate capital to consummate the transaction. When including SAMA’s cash in trust, the parties expect to have over $80 million of cash on its balance sheet following closing.The amendments to the Business Combination Agreement have been unanimously approved by the Boards of Directors of both SAMA and Clever Leaves and the transaction remains on track to close in the fourth quarter of 2020, subject to the Registration Statement being declared effective by the SEC, in addition to other regulatory and shareholder approvals, as well as customary closing conditions.Canaccord Genuity and EarlyBirdCapital are serving as financial advisors to SAMA, with Greenberg Traurig, LLP, Stikeman Elliott and Posse Herrera Ruiz serving as legal advisors. Cowen is serving as financial advisor to Clever Leaves, with Freshfields Bruckhaus Deringer US LLP, Dentons Canada LLP, and Brigard & Urrutia Abogados SAS serving as legal advisors.About Schultze Special Purpose Acquisition Corp. Schultze Special Purpose Acquisition Corp. (NASDAQ: SAMA, SAMAW, and SAMAU) is a blank check company formed for the purpose of entering into a merger, stock exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities. SAMA's sponsor is an affiliate of Schultze Asset Management, LP, an alternative investment management firm founded in 1998 that focuses on distressed, special situation and event-driven securities and has invested over $3.2 billion since inception with a notable track-record through its active investment strategy. SAMA itself is backed by an experienced team of operators and investors with a successful track-record of creating material value in public and private companies.About Clever Leaves Clever Leaves is a multi-national cannabis company with a mission to operate in compliance with federal and state laws and with an emphasis on ecologically sustainable, large-scale cultivation and pharmaceutical-grade processing as the cornerstones of its global cannabinoid business. With operations and investments in Canada, Colombia, Germany, Portugal, and the United States, Clever Leaves has created an effective distribution network and global footprint, with a foundation built upon capital efficiency and rapid growth. Clever Leaves aims to be one of the industry's leading global cannabinoid companies recognized for its principles, people, and performance while fostering a healthier global community.About SPACInsider SPACInsider is a trusted intelligence and analysis provider specializing in the Special Purpose Acquisition Corporation (SPAC) asset class. SPACInsider’s mission is to be the best-in-class source for SPAC information benefiting investors, SPAC teams, bankers and service providers. The company provides comprehensive data covering the SPAC transaction universe, along with detailed analysis and coverage of IPO and acquisition events. SPACInsider is led by Kristi Marvin, a career investment banker with over 15 years of experience in the capital markets, who began working on SPACs in 2005.Additional Information and Where to Find It SAMA, Clever Leaves and Holdco urge investors, stockholders and other interested persons to read the Registration Statement, including the proxy statement/prospectus, as well as other documents filed with the SEC, because these documents will contain important information about the Business Combination. Following the Registration Statement having been declared effective by the SEC, a definitive proxy statement/prospectus will be mailed to stockholders of SAMA as of a record date to be established for voting on the Business Combination. SAMA’s stockholders will also be able to obtain a copy of such documents, without charge, by directing a request to: Schultze Special Purpose Acquisition Corp, 800 Westchester Avenue, Suite 632, Rye Brook, New York 10573; e-mail: sdu@samco.net. These documents, once available, can also be obtained, without charge, at the SEC’s web site (http://www.sec.gov).Participants in Solicitation SAMA, Clever Leaves, Holdco and their respective directors, executive officers and other members of their management and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies of SAMA stockholders in connection with the Business Combination. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to SAMA’s stockholders in connection with the Business Combination is set forth in the preliminary proxy statement/prospectus contained in the Registration Statement, and will also be included in the definitive proxy statement/prospectus for the Business Combination when available. Information concerning the interests of SAMA’s and Clever Leaves’ participants in the solicitation, which may, in some cases, be different than those of SAMA’s and Clever Leaves’ equity holders generally, is also set forth in the proxy statement/prospectus contained in the Registration Statement, and will also be included in the definitive proxy statement/prospectus for the Business Combination when available.Forward Looking Statements This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts and may be identified by the words "estimates," "projected," "expects," "anticipates," "forecasts," "plans," "intends," "believes," "seeks," "may," "will," "should," "future," "propose" and variations of these words or similar expressions (or the negative versions of such words or expressions). Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. Factors that may cause such differences include, without limitation, SAMA's and Clever Leaves' inability to complete the transactions contemplated by the Business Combination; matters discovered by the parties as they complete their respective due diligence investigation of the other; the inability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, the amount of cash available following any redemptions by SAMA stockholders and the ability to close the private placement with certain institutional investors; the ability to meet NASDAQ's listing standards following the consummation of the Business Combination; costs related to the Business Combination; expectations with respect to future operating and financial performance and growth, including when Clever Leaves or Holdco will become cash flow positive; the timing of the completion of the Business Combination; Clever Leaves' ability to execute its business plans and strategy and to receive regulatory approvals; potential litigation involving the parties; global economic conditions; geopolitical events, natural disasters, acts of God and pandemics, including, but not limited to, the economic and operational disruptions and other effects of COVID-19; regulatory requirements and changes thereto; access to additional financing; and other risks and uncertainties indicated from time to time in filings with the SEC. Other factors include the possibility that the proposed transaction does not close, including due to the failure to receive required security holder approvals or the failure to satisfy other closing conditions. The foregoing list of factors is not exclusive. Additional information concerning certain of these and other risk factors is contained in SAMA's most recent filings with the SEC and is contained in the Form S-4, including the proxy statement/prospectus. All subsequent written and oral forward-looking statements concerning SAMA, Clever Leaves or Holdco, the transactions described herein or other matters and attributable to SAMA, Clever Leaves, Holdco or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Each of SAMA, Clever Leaves and Holdco 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 their expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.Schultze Special Purpose Acquisition Corp. George J. Schultze: schultze@samco.net Gary M. Julien: gjulien@samco.net (914) 701-5260Investor Relations Raphael Gross ICR raphael.gross@icrinc.com (203) 682-8253Media Relations KCSA Strategic Communications McKenna Miller mmiller@kcsa.com (347) 487-6197* * *1 Requires SAMA common stock to trade at greater than $10.30 based on the volume weighted average stock price for the five trading days immediately prior to the redemption date in connection with the closing of the business combination.