Reported Earlier, Liqueous LP Challenges Validity of Canna-Global Stock Issuance, Seeks Resolution
Liqueous LP announced today that it is working with Canna-Global Acquisition Corp. (NASDAQ:CNGL) to address Canna-Global's invalid issuance of Class A common stock to Liqueous LP. When Liqueous acquired the shares, Canna-Global represented in writing that the shares were duly and validly issued, and Liqueous relied on those representations, which Liqueous now understands may be inaccurate.
Liqueous intended to acquire the Canna-Global shares in exchange for the extinguishment of certain debts of Canna-Global, which Liqueous acquired from third parties with the consent of Canna-Global. The extinguishment of such debt provided substantial financial benefits to Canna-Global and its stockholders.
Liqueous intends to continue to work diligently with all relevant parties to resolve the matter.