Freshfields advises Clever Leaves in SPAC transaction with Schultze Special Purpose Acquisition Corp.Freshfields is advising Clever Leaves, a large pharmaceutical-grade multinational cannabis operator, in its business combination with Schultze Special Purpose Acquisition Corp., a SPAC. Once the transaction closes, it is intended that Clever Leaves will become listed on NASDAQ. The transaction is expected to close in the fourth quarter of 2020.
This release was originally posted on July 27, 2020, announcing the original terms of the business combination. Revised transaction terms were announced on November 9, 2020, and can be found here.
The Freshfields team led on all aspects of the business combination agreement.
The Freshfields corporate team was led by partners Sebastian L. Fain and Pamela L. Marcogliese and associates Lucy Lei and Anne Powderly. Corporate partner Michael Levitt consulted on the matter. All are based in the New York office.
The Freshfields intellectual property team was led by partner Mena Kaplan and associate Marissa Yu (both in New York). The tax team was led by partner Robert Scarborough and senior associate David Mitchell (both in New York). The employee benefits/executive compensation team was led by partners Lori Goodman (New York) and Maj Vaseghi (Silicon Valley) and associate Jordan Salzman (New York). Counsel Brian Lewis and senior associates Evgeniya Berezkina and Heather Kellam (all based in New York) provided capital markets advice and counsel Elizabeth Bieber (New York) provided corporate governance advice. The antitrust team was led by partner Mary Lehner and senior associate Ilana Katten (both from the Washington, DC office).
Freshfields has a strong record of experience on SPAC transactions, including advising International General Insurance in its recent business combination with SPAC Tiberius Acquisition Corp. and Pivotal Acquisition Corp. on its combination with KLDiscovery.
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