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TORONTO, July 3, 2019 /CNW/ - Subversive Capital Acquisition Corp. ("SCAC") announced today that based on discussions and meetings with prospective investors, it will amend the following offering terms to provide greater alignment with its shareholders: (i) SCAC's qualifying transaction must occur within 18 months from the closing of its initial public offering subject to an extension requiring approval by holders of Class A Restricted Voting Shares of SCAC; (ii) interest earned on the escrow account will not be released to SCAC to fund working capital prior to its qualifying transaction; and (iii) SCAC intends to limit the investment of the escrowed proceeds to instruments that are the obligations of, or guaranteed by, the federal government of the United States of America or Canada. The revised terms will be reflected in SCAC's final prospectus.
In addition, Ethan Devine has been appointed to its board of directors. Mr. Devine is a Partner at Indus Capital Partners, LLC, an alternative investment firm which manages approximately US$4.7 billion (as of May 1, 2019), where he launched the Indus Markor Fund which has been instrumental in the growth of new companies and industries, including cannabis. Richard Rieger has resigned as a director of SCAC to dedicate more time to a NASDAQ listed blank check company.
About Subversive Capital Acquisition Corp.
Subversive Capital Acquisition Corp. is a newly organized special purpose acquisition corporation incorporated under the laws of the Province of British Columbia for the purpose of effecting, directly or indirectly, a qualifying transaction within a specified period of time.
This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects the Sponsor's and SCAC's current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Sponsor's or SCAC's control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, failure to complete the Offering and related transactions, and the factors discussed under "Risk Factors" in the preliminary prospectus of SCAC dated June 19, 2019. Neither the Sponsor nor SCAC undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
SOURCE Subversive Capital Acquisition Corp.
For further information: Subversive Capital Acquisition Corp.: Leland Hensch, Chief Executive Officer, email@example.com