New Quantum Holdings Pty Ltd., a Cutting-Edge Wealth Management Platform, with Proprietary Fintech as a Service Technology, Plans to Become Public via a Business Combination with Nasdaq-listed Canna-Global Acquisition Corp.

~ Transaction values New Quantum Holdings at pro forma enterprise value of $800 million ~

~ New Quantum’s state-of-the-art platform is based on its proprietary Fintech as a Service (“FaaS”) technology ~

~ New Quantum’s scalable AI-based platform manages investment portfolios efficiently for the financial services industry ~

~ The global asset management industry hit a high-water mark of $126 trillion of assets under management (AUM), up from 23 percent a decade ago, that is expected to grow to $145 trillion by 2025 ~

~ New Quantum CEO, Jong Chung, will continue to lead the company ~

~ Business combination expected to close in the second half of 2023 ~

New York, June 15, 2023 (GLOBE NEWSWIRE) -- Canna-Global Acquisition Corp (“Canna-Global”) (NASDAQ:CNGL), a special purpose acquisition company, today announced the signing of a definitive Bid Implementation and Business Acquisition Agreement with Sydney-based New Quantum Holdings Pty Ltd. (“New Quantum”), a provider of cutting-edge wealth management all-in-one Fintech as a Service (FaaS), 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 US$800 million and follows New Quantum’s recent acquisition of a majority interest in Morrison Securities from the ASX-listed Sequoia Financial Group for $A40.5 million. New Quantum intends to add technology solutions to the Morrison Securities marketplace to enhance the user experience. The combined entities have, in addition to a leading technology platform, AUD $20 billion of committed funds under management, and a qualified additional pipeline of AUD $80 billion.

FaaS technology is a business model that enables companies to outsource financial technology (fintech) services to a third-party provider. This model provides companies with a more flexible and cost-effective way to access fintech services and improve their financial operations. New Quantum’s technology manages investment portfolios efficiently for the financial services industry.

In connection with the proposed transaction, Canna-Global intends to file relevant materials with the United States Securities and Exchange Commission (SEC) including a registration statement on Form S-4, which will include a proxy statement/prospectus, and other documents regarding the proposed transaction, which is expected to close by the fourth quarter of 2023. The completion of the Bid Implementation also requires approval from the Australian Securities and Investments Commission (“ASIC”), which the parties hope to finalize in July 2023.