RYE BROOK, N.Y. & NEW YORK–(BUSINESS WIRE)–Schultze Special Purpose Acquisition Corp. and Clever Leaves International Inc. jointly announced that they have entered into a definitive agreement, pursuant to which a newly formed holding company, Clever Leaves Holdings Inc., will acquire SAMA and Clever Leaves and is anticipated to become a NASDAQ-listed public company trading under the ticker symbol “CLVR” with an anticipated initial enterprise value of approximately $255 million.
The transaction has been unanimously approved by the Boards of Directors of both SAMA and Clever Leaves and is expected to close in the fourth quarter of 2020, subject to regulatory and shareholder approvals, as well as other customary closing conditions. Clever Leaves’ executive management team, led by Kyle Detwile and Andrés Fajardo, will continue to lead the combined company.
Clever Leaves has one of the largest cultivation and extraction operations in Latin America and is among the largest in the world. With approximately 500 employees, Clever Leaves has established significant infrastructure and positioned itself to achieve global reach between its Colombia cultivation and extraction operations, its Portuguese cultivation facilities, and its global distribution infrastructure in the EU, which is currently headquartered in Germany.