The first-ever growth acquisition corporation (G-Corp) is now listed on the NEO Exchange.
On Friday, NEO announced that Canaccord Genuity G Ventures Corp. (CGGV) had closed an initial public offering of $15 million.
CGGV is the first G-Corp to list on NEO. In April, the NEO Exchange announced a pilot program for G-Corps, which are essentially special purpose acquisition corporations that focus on companies with market caps ranging from $50 million to $500 million.
“We identified a glaring gap in the capital markets for acquisition corporations, and we filled that gap with the G-Corp,” Jos Schmitt, president and CEO of NEO, said in a release.
G-Corps must raise at least $2 million in an initial public offering and make a qualifying transaction within two years.
“With a carefully defined acquisition strategy backed by a capable leadership team, CGGV is well-positioned for success,” Schmitt said. “We are excited to be a part of their capital markets journey as they seek a qualifying transaction to create sustainable value for their shareholders.”