TORONTO--(BUSINESS WIRE)--NEO is pleased to announce that BGP Acquisition Corp. (“BGP”), a newly-formed Special Purpose Acquisition Company (“SPAC”), made its public markets debut on the NEO Exchange today. BGP, which closed a US$115,000,000 initial public offering (inclusive of the exercise of the over-allotment option in full) underwritten by Echelon Wealth Partners, is now trading its Class A Restricted Voting Units under the symbol NEO:BGP.UN.
BGP’s value creation strategy will be to identify, acquire and, following its initial Qualifying Transaction, assist in the growth of a business engaged in the cannabis industry or related sectors. In particular, BGP is targeting market leaders with strong and credible management teams where opportunities exist for vertical or horizontal integration. Although not limited in their target search, BGP believes that US companies provide the best opportunity due to the relatively restrained access to capital and the tremendous growth potential ahead.
“Backed by a solid management team with extensive cannabis investing, SPAC, and operating experience, combined with opportune timing in a rapidly growing market, we believe that BGP is ideally positioned for long-term success,” commented Ruth Epstein, CEO and Chairwoman of BGP Acquisition Corp. “As an innovative and growth-oriented senior stock exchange with a deep understanding of the SPAC process and cannabis industry, NEO was the obvious choice as our listing partner. We’re excited to work closely with NEO to leverage our collective networks and expertise to identify first-rate targets, finalize transactions, and create sustainable value for our shareholders.”
BGP is the 9th SPAC to list on NEO. It follows closely on the heels of the recent, highly successful qualifying transaction of Subversive Capital Acquisition Corp., with the launch of The Parent Company on NEO, in January of this year.
“With recent political developments in the U.S. and unprecedented levels of support from the general public for cannabis legalization, the cannabis industry is ripe for explosive growth,” remarked Jos Schmitt, President and CEO of NEO. “BGP is well-equipped to capitalize on those developments, and as a leader in the Canadian SPAC market, NEO is excited to be a part of their journey.”
Investors can trade shares of NEO:BGP.UN through their usual investment channels, including discount brokerage platforms and full-service dealers. The NEO Exchange is home to over 100 corporate and ETF listings, and consistently facilitates close to 15 per cent of all Canadian trading volume. Click here for a complete view of all NEO-listed securities.
About NEO Exchange
NEO Exchange is a progressive stock exchange that brings together investors and capital raisers within a fair, efficient, and service-oriented environment. Fully operational since June 2015, NEO puts investors first and provides access to trading all Canadian-listed securities on a level playing field. The NEO Exchange lists senior companies and investment products seeking a stock exchange that enables investor trust, quality liquidity, and broad awareness including unfettered access to market data.
About BGP Acquisition Corp.
BGP Acquisition Corp. is a special purpose acquisition corporation incorporated under the laws of the Province of British Columbia for the purpose of effecting, directly or indirectly, a Qualifying Transaction within a specified period of time.