High Times Holding Corp, the publishers of High Times magazine, has entered a definitive merger agreement with Origo Acquisition Corporation in an effort to bring the 43-year-old counterculture magazine public. The deal would see Origo acquire 100 percent of the equity of High Times in exchange for 23,474,178 newly-issued shares of Origo.
At the time of the closing current shareholders would own 83 percent of the company’s common stock and Origo would maintain a 17 percent stake. High Times management team, Oreva Capital founded by Adam Levin, would continue running the company post-merger. Oreva bought the magazine last month. The merger sets up an initial public offering to take the company public on the NASDAQ.
“We believe High Times has an important mix of qualities essential for success,” said Edward J. Fred, Origo CEO, in a press release. “High Times is a highly-recognized brand in a rapidly growing industry that has a very engaged base and increasing opportunities to leverage that following.”
Both High Times and Origo’s Boards of Directors have approved the transaction. The completion of the deal must still be approved by the shareholders of both companies.
High Times was founded in 1974 and has hosted Cannabis Cup events worldwide – the first held in 1988 in Amsterdam, The Netherlands. The first cup held on U.S. soil was 2010’s Medical Cannabis Cup in San Francisco.