Cilo Cybin, the first and so far only South African company with a licence to grow, process and pack cannabis, is aiming for a JSE listing as a Special-Purpose Acquisition Company , the first in five years.
In a Sens statement on Friday, 9 September, the company said it was aiming to raise a minimum of R500-million and up to R1.9-billion with the initial public offering if “investor demand warranted it”. An SPAC listing is aimed at raising capital for acquisitions. This requires an “empty vessel” without a financial history or profit. So the SPAC listing will be Cilo Cybin’s holding company.
Lack of public participation is one of the reasons why new listings on the JSE have all but dried up, with new SPAC listings as rare as hen’s teeth. According to the JSE, the last SPAC listing was for RH Bophelo in 2017.
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