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But it has been challenging for BGP to raise the money it needs to fund the deal at a high valuation, the sources said, so deal terms have been renegotiated to make them more attractive to potential investors.
A PIPE is a funding round that typically goes hand-in-hand with a SPAC merger and helps provide necessary financing for such deals.
By merging with BGP, HERBL’s shares will be listed on the NEO exchange in Canada, a country in which it does not do any business.
There is no certainty that BGP will succeed in raising its PIPE funding or completing the deal, the sources cautioned, and HERBL could also decide to stay private.
Source: Reuters
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