New Quantum to become public in U.S. via deal with Canna-Global Acquisition

Canna-Global Acquisition Corp (CNGL), a special purpose acquisition company, announced the signing of a definitive Bid Implementation and Business Acquisition Agreement with Sydney-based New Quantum Holdings Pty Ltd., a provider of a vertically integrated technology and infrastructure offering for financial services firms, that will result in New Quantum becoming a wholly-owned subsidiary of Canna Global, which is expected to be listed on the Nasdaq Global Market under the ticker symbol “NQH” The business combination transaction reflects an estimated proforma enterprise value of New Quantum at $800M and follows New Quantum’s recent acquisition of a majority interest in Morrison Securities from the ASX-listed, Sequoia Financial Group in June 2023. The combined entities have, in addition to a leading technology platform, A$20B of committed funds under management, and a qualified additional pipeline of A$80B. New Quantum CEO Jong Chung comments, “New Quantum’s technology and platform have the potential to revolutionize the financial services industry by providing high value services at a scale only their technology makes possible. When we acquired 80% of Morrison Securities, it not only confirmed our leadership position in the Australian fintech industry, but also provided us with the ballast to rapidly expand our offering in the market.”