BGP ACQUISITION CORP. ANNOUNCES SATISFACTION OF FINAL CLOSING CONDITION UNDER BUSINESS COMBINATION AGREEMENT
VANCOUVER, BC, Feb. 24, 2023 /CNW/ - BGP Acquisition Corp. (NEO: BGP.U), (NEO: BGP.WT.U), (OTCQX: BGPPF), (OTCQX: BGPAF) (the "Corporation" or "BGP"), a Special Purpose Acquisition Company (SPAC) which has entered into a definitive agreement (the "Business Combination Agreement") to combine (the "Business Combination") with Craft 1861 Global, Inc. (the "Craft Global"), a U.S.-based health and wellness company within the cannabinoid space, is providing an update on the Business Combination. BGP's board of directors has received evidence to its satisfaction of the closing of Craft Global's private placement of Craft Global shares in the amount of US$100 million, which satisfies the final condition to closing under the Business Combination Agreement. BGP and Craft Global expect the Business Combination to close on or about February 28, 2023.
For more information regarding Craft Global and the Business Combination, please see BGP's final prospectus dated December 1, 2022 (the "Prospectus"), which is available on BGP's SEDAR profile at www.sedar.com.
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.
Craft Global is a minority led, U.S.-based health and wellness company within the cannabinoid space focusing on scientific research and development, technology, cultivation, product development, advanced manufacturing, distribution, wholesale, and brand development. Craft Global operates within the non-psychoactive, hemp-derived CBD space with consumer-packaged goods containing zero THC. 1861 Market is also a vertically integrated cannabis company with cultivation, production and dispensary operations in the state of New Mexico, and expects to expand its THC operations into other legal jurisdictions through the sale of its proprietary branded THC products. Craft Global aims to capitalize on what management believes is a once-in-a-generation opportunity to create a global household name by consolidating global demand for cannabis (including both CBD and THC products) and making it a mainstream component of health and wellness lifestyles, focused on cannabis-based performance and recovery products and services.
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, including the proposed Business Combination. The words "expect", "aim", "believe", and similar expressions or words suggesting future outcomes are often intended to identify forward-looking information, although not all forward-looking information contains these identifying words. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking statements. Forward-looking statements are not historical facts, nor guarantees or assurances of future performance but instead represent management's current beliefs, expectations, estimates and projections regarding future events and operating performance. Specific forward-looking information contained in this press release includes, but is not limited to statements concerning the completion and proposed terms of, and matters relating to, the Business Combination.
Forward-looking statements reflect management's current beliefs, expectations and assumptions and are based on information currently available to management, management's historical experience, perception of trends and current business conditions, expected future developments and other factors which management considers appropriate. Forward–looking information is based on a number of assumptions, opinions, and estimates 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. Such risks and uncertainties include, but are not limited to, the risk that the Business Combination may never occur and the other factors discussed under "Risk Factors" in the Prospectus.
If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking information. Accordingly, undue reliance should not be placed on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this news release represents the Corporation's expectations as of the date of this news release, and are subject to change after such date. 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 BGP Acquisition Corp.
BGP Acquisition Corp., Don Jennings, Chief Financial Officer, President and Corporate Secretary, [email protected], 415-237-1747
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