Carey Olsen advises Mercer Park Opportunities Corp. on its US$200 million IPO
Carey Olsen's corporate team in the Cayman Islands has advised Mercer Park Opportunities Corp. ("Mercer Park Opportunities"), a newly formed Cayman Islands special purpose acquisition company (SPAC), on its US$200 million IPO of Class A restricted voting units which closed on 22 July 2024.
Mercer Park Opportunities granted the underwriter, Canaccord Genuity Corp., a non-transferable over-allotment option to purchase up to an additional 3,000,000 Class A Restricted Voting Units at the same price per unit, exercisable within 30 days following the offering's closing.
The SPAC's primary aim is to acquire businesses in the cannabis industry within the United States; however, it is open to considering companies in other industries and locations for its qualifying acquisition. Mercer Park Opportunities intends to focus on acquiring one or more companies with an estimated aggregate enterprise value of up to US$1 billion.
Carey Olsen partner Dylan Wiltermuth and associate Tyler Hawley advised Mercer Park Opportunities alongside Canadian counsel Stikeman Elliot. Blake, Cassels & Graydon LLP acted as legal counsel to the underwriter.
Dylan commented: "We are pleased to have advised Mercer Park Opportunities on their successful IPO and we look forward to supporting them as they execute their post-IPO strategy. This transaction highlights the depth and experience of our capital markets team as well as the flexibility of Cayman SPACs."
