Perhaps Garry's dream to have retained 20% stake in Morrison...

Perhaps Garry's dream to have retained 20% stake in Morrison Securities worth more than current 100% value is not such a pipedream.

https://stockhouse.com/news/press-releases/2023/06/15/new-quantum-holdings-pty-ltd-a-cutting-edge-xa0-wealth-management-platform-with

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.

New Quantum CEO, Jong Chung, remarked that this transaction will unleash significant value for both companies by allowing New Quantum to offer its all-in-one FaaS in the abundant US market, as well as providing another avenue to the Middle East and Asian markets. Mr. Chung added, “When we acquired 80% of Morrison Securities, it not only confirmed our leadership position in the Australian wealth management fintech industry, but also provided us with the springboard to rapidly scale up. By merging with Canna-Global we’re realizing our ambition to be a significant global player in the fintech industry by having the foundation for measured growth that optimizes client services and support.”

Beaconsfield Capital Management co-founder and CIO, Shantanu Jha, who was an early investor in New Quantum, announced that “We are very pleased to see New Quantum, and its redoubtable financial technology platform, earn a place on the Nasdaq. We hope to continue guiding New Quantum in the financing of both its market leading technology and its acquisition of leading financial services firms in Australia and Asia.

According to a Forbes Magazine November 2022 article, the global wealth management industry is estimated to hold $103 trillion in assets under management (AUM), making it an enormous industry with AUM expected to grow to $145 trillion by 2025. North America remains at the top of geographical rankings with the highest growth in revenues and AUM, and revenues reaching a record $526 billion.

J. Gerald (“Gerry”) Combs, CEO of Canna-Global Acquisition Corp, remarked that “New Quantum is a pioneer with its proprietary Fintech as a service technology platform. We are proud to merge with a technology company that is already high growth, with strong gross margins, and attractive recurring revenue streams. The Nasdaq is the right home for New Quantum and is in line with its growth plans in the USA. Access to public markets will accelerate New Quantum’s ability to drive growth and innovation in an industry ripe for disruption.”

“New Quantum’s operating system for financial services firms, combined with the venerable and diverse financial infrastructure of the newly acquired Morrison, exemplifies our belief in vertically integrated business models that can internalize the value created by the underlying technological automation,” said New Quantum CEO, Mr. Jung.

Upon the closing of the transaction, New Quantum will continue to be led by its CEO, Mr Jong Chung, an experienced senior corporate executive has been operating companies for more than 25 years. He has experience across a variety of industries and a wealth of knowledge of accounting and wealth management.