(Screengrab via nationalaccesscannabis.com/)
It was announced today that National Access Cannabis Corp. is going to merge into a publicly traded shell on the TSX Venture Exchange. The company that National Access Cannabis is merging into, Brassneck Capital Corp. (TSXV:BC.P), is what is called a “capital pool company,” which is the TSXV version of a shell company with essentially no commercial operations and no assets besides cash. The TSX Venture Exchange has conditionally accepted the business combination as the “Qualifying Transaction” of Brassneck Capital, and the combined entity will carry on the business of National Access Cannabis.
Related: What is a Reverse Merger?
The common shares of Brassneck are currently halted from trading and are to remain halted from trading until completion of the transaction in accordance with the policies of the TSXV. Assuming the exchange grants final acceptance of the transaction, it is anticipated that the Brassneck Shares will resume trading on the TSXV shortly after they issue a final approval of the combination transaction along with the new name “National Access Cannabis Corp.” and new ticker, “NAC”.
Related: What is a Trading Halt?
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