Canna-Global Acquisition Corp is a SPAC — a blank check company with no operations, products, or revenues. Its sole purpose is to identify and merge with a private company, thereby taking that company public. Canna-Global raised $230M in its November 2021 IPO and placed the proceeds in a trust account. Despite its name, the company is not limited to the cannabis sector and can pursue targets in any industry or geography, excluding China and Hong Kong. The trust account has shrunk from roughly $233M to approximately $12.3M as of December 31, 2023, reflecting large shareholder redemptions since the IPO. The company previously signed a deal to merge with New Quantum Holdings, an Australian company, but New Quantum terminated that agreement in October 2023. Canna-Global must complete an acquisition by December 2024 or liquidate and return remaining trust funds to shareholders. The sponsor, Canna-Global LLC, acquired founder shares for a nominal sum prior to the IPO; if a deal closes, those shares convert to Class A common stock, generating a return for the sponsor. Each extension of the deal deadline requires the sponsor to deposit $0.045 per remaining public share per month into the trust, funded through unsecured promissory notes.