m_and_a
confidence medium
sentiment negative
materiality 0.85
Iron Horse SPAC closes business combination with CFI; Nasdaq halts trading due to CSRC review
CN Healthy Food Tech Group Corp.
- SPAC Iron Horse acquired CFI; name changed to CN Healthy Food Tech Group Corp. (UCFI).
- 6,701,349 shares redeemed at ~$10.60/share for ~$71.1M; 51,235,000 shares outstanding post-closing.
- Nasdaq halted UCFI/UCFIW trading after CSRC flagged incomplete review; company says it complied.
- Company issued $2.018M note to DBC, $1.421M note to sponsor, and $1M note to Yanjun Jiao to fund closing.
- Lock-up on seller shares for 180 days; consulting agreements issued 500k restricted shares each to Bengochea and Caragal.