Business
Northern Lights Acquisition Corp. Announces Amendment of Unit Purchase Agreement and Supplement to Definitive Proxy Statement
Amendment Includes Reduced Initial Cash Payment to the Seller and Business Combination is Expected to Close by September 28, 2022 Upon Regulatory Approval NEW
About this update from Shf Holdings, Inc.
[{"type":"text","content":"Amendment Includes Reduced Initial Cash Payment to the Seller and Business Combination is Expected to Close by September 28, 2022 Upon Regulatory Approval\nNEW YORK, Sept. 19, 2022 /PRNewswire/ -- Northern Lights Acquisition Corp. (the \"Company\") (Nasdaq: NLIT), a special purpose acquisition company, announced that it has amended that certain unit purchase agreement (as amended, the \"Unit Purchase Agreement\"), dated February 11, 2022, by and among the Company, 5AK, LLC, the Company's sponsor, SHF, LLC d/b/a Safe Harbor Financial, a Colorado limited liability company (\"Safe Harbor\"), SHF Holding Co., LLC, a Colorado limited liability company and the sole member of Safe Harbor (the \"Seller\"), and Partner Colorado Credit Union, a Colorado corporation and the sole member of the Seller, to (i) extend the date by which the transactions contemplated thereby (the \"Business Combination\") had to be consummated from August 31, 2022 (the \"Outside Date\") until September 28, 2022 and (ii) provide for the deferral of $30 million (the \"Deferred Cash Consideration\") of the $70 million due to the Seller at the closing of the Business Combination. The extension of the Outside Date will provide the Company with additional time to complete the Business Combination as it awaits regulatory approval, and the deferral of the Deferred Cash Consideration will provide the Company with additional cash to support its post-closing activities.\nThe Company also announced that it has supplemented its definitive proxy statement on Schedule 14A (as supplemented, the \"Proxy Statement\"), which Proxy Statement was initially filed with the U.S. Securities and Exchange Commission (the \"SEC\") on June 10, 2022 in connection with the Business Combination.\nAlthough the Business Combination was approved by the Company's stockholders at the special meeting of stockholders held on June 28, 2022, the Company has determined to voluntarily supplement the Proxy Statement with certain supplemental disclosures (the \"Supplemental Disclosures\") to clarify certain aspects of the business of Safe Harbor in response to requests made by the Listing Qualifications Staff of the Nasdaq Stock Market as part of the Listing Qualifications Staff's review of the Company's listing application filed in connection with the Business Combination.\nIn connection with the Suppleme...