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SEC Comment Letter 0000000000-23-012228 to Canna-Global Acquisition Corp (CNGL) (CIK 0001867443)

Canna-Global Acquisition Corp (CNGL) (CIK 0001867443)
Date: Nov. 8, 2023 · CIK: 0001867443 · Accession: 0000000000-23-012228

AI Filing Summary & Sentiment

File numbers found in text: 001-41102

Date
November 8, 2023
Author
Office of Technology
Form
UPLOAD
Company
Canna-Global Acquisition Corp (CNGL) (CIK 0001867443)

Letter

United States securities and exchange commission logo November 8, 2023 Gerry Combs Chief Executive Officer Canna-Global Acquisition Corp 4640 Admiralty Way, Suite 500 Marina Del Rey, CA90292 Re:Canna-Global Acquisition Corp Preliminary Proxy Statement on Schedule 14A Filed October 31, 2023 File No. 001-41102 Dear Gerry Combs: We have reviewed your filing and have the following comments. Please respond to this letter within ten business days by providing the requested information or advise us as soon as possible when you will respond. If you do not believe a comment applies to your facts and circumstances, please tell us why in your response. After reviewing your response to this letter, we may have additional comments. Preliminary Proxy Statement on Schedule 14A Cover page 1.We note that the sponsor or its affiliates may purchase public shares in privately negotiated transactions or in the open market and your disclosure that "Any such privately negotiated purchases may be effected at purchase prices that are below or in excess of the per-share pro rata portion of the trust account. Any public shares held by or subsequently purchased by our affiliates may be voted in favor of the Extension Amendment." Please explain how such purchases would comply with the requirements of Rule 14e-5 under the Exchange Act. Refer to Tender Offer Rules and Schedules Compliance and Disclosure Interpretation 166.01 for guidance. General 2.With a view toward disclosure, please tell us whether your sponsor is controlled by, or has substantial ties with a non-U.S. person. If so, also include risk factor disclosure that addresses how this fact could impact your ability to complete your initial business combination. For instance, discuss the risk to investors that you may not be able to

FirstName LastNameGerry Combs Comapany NameCanna-Global Acquisition Corp November 8, 2023 Page 2 FirstName LastName Gerry Combs Canna-Global Acquisition Corp November 8, 2023 Page 2 complete an initial business combination with a U.S. target company should the transaction be subject to review by a U.S. government entity, such as the Committee on Foreign Investment in the United States (CFIUS), or ultimately prohibited. Disclose that as a result, the pool of potential targets with which you could complete an initial business combination may be limited. Further, disclose that the time necessary for government review of the transaction or a decision to prohibit the transaction could prevent you from completing an initial business combination and require you to liquidate. Disclose the consequences of liquidation to investors, such as the losses of the investment opportunity in a target company, any price appreciation in the combined company, and the warrants, which would expire worthless. 3.We note that you are seeking to extend your termination date to June 2, 2025, a date which is 42 months from your initial public offering. We also note that you are listed on The Nasdaq Capital Market and that Nasdaq IM-5101-2 requires that a special purpose acquisition company complete one or more business combinations within 36 months of the effectiveness of its IPO registration statement. Please revise to explain that the proposal to extend your termination deadline to June 2, 2025, does not comply with this rule, or advise. Further, disclose the risks of your non-compliance with this rule, including that your securities may be subject to suspension and delisting from The Nasdaq Capital Market. We remind you that the company and its management are responsible for the accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or absence of action by the staff. Please contact Austin Pattan at 202-551-6756 or Kathleen Krebs at 202-551-3350 with any other questions. Sincerely, Division of Corporation Finance Office of Technology cc: Debbie Klis

Show Raw Text
United States securities and exchange commission logo
November 8, 2023
Gerry Combs
Chief Executive Officer
Canna-Global Acquisition Corp
4640 Admiralty Way, Suite 500
Marina Del Rey, CA90292
Re:Canna-Global Acquisition Corp
Preliminary Proxy Statement on Schedule 14A
Filed October 31, 2023
File No. 001-41102
Dear Gerry Combs:
            We have reviewed your filing and have the following comments.
            Please respond to this letter within ten business days by providing the requested
information or advise us as soon as possible when you will respond. If you do not believe a
comment applies to your facts and circumstances, please tell us why in your response.
            After reviewing your response to this letter, we may have additional comments.
Preliminary Proxy Statement on Schedule 14A
Cover page
1.We note that the sponsor or its affiliates may purchase public shares in privately
negotiated transactions or in the open market and your disclosure that "Any such privately
negotiated purchases may be effected at purchase prices that are below or in excess of the
per-share pro rata portion of the trust account. Any public shares held by or subsequently
purchased by our affiliates may be voted in favor of the Extension Amendment." Please
explain how such purchases would comply with the requirements of Rule 14e-5 under the
Exchange Act. Refer to Tender Offer Rules and Schedules Compliance and Disclosure
Interpretation 166.01 for guidance.
General
2.With a view toward disclosure, please tell us whether your sponsor is controlled by, or has
substantial ties with a non-U.S. person. If so, also include risk factor disclosure that
addresses how this fact could impact your ability to complete your initial business
combination. For instance, discuss the risk to investors that you may not be able to

 FirstName LastNameGerry Combs
 Comapany NameCanna-Global Acquisition Corp
 November 8, 2023 Page 2
 FirstName LastName
Gerry Combs
Canna-Global Acquisition Corp
November 8, 2023
Page 2
complete an initial business combination with a U.S. target company should the
transaction be subject to review by a U.S. government entity, such as the Committee on
Foreign Investment in the United States (CFIUS), or ultimately prohibited. Disclose that
as a result, the pool of potential targets with which you could complete an initial business
combination may be limited. Further, disclose that the time necessary for government
review of the transaction or a decision to prohibit the transaction could prevent you from
completing an initial business combination and require you to liquidate. Disclose the
consequences of liquidation to investors, such as the losses of the investment opportunity
in a target company, any price appreciation in the combined company, and the warrants,
which would expire worthless.
3.We note that you are seeking to extend your termination date to June 2, 2025, a date
which is 42 months from your initial public offering. We also note that you are listed on
The Nasdaq Capital Market and that Nasdaq IM-5101-2 requires that a special purpose
acquisition company complete one or more business combinations within 36 months of
the effectiveness of its IPO registration statement. Please revise to explain that the
proposal to extend your termination deadline to June 2, 2025, does not comply with this
rule, or advise. Further, disclose the risks of your non-compliance with this rule, including
that your securities may be subject to suspension and delisting from The Nasdaq Capital
Market.
            We remind you that the company and its management are responsible for the accuracy
and adequacy of their disclosures, notwithstanding any review, comments, action or absence of
action by the staff.
            Please contact Austin Pattan at 202-551-6756 or Kathleen Krebs at 202-551-3350 with
any other questions.
Sincerely,
Division of Corporation Finance
Office of Technology
cc:       Debbie Klis