Northern lights acquisition corp. announces amendment of unit purchase agreement and supplement to definitive proxy statement

Amendment includes reduced initial cash payment to the seller and business combination is expected to close by september 28, 2022 upon regulatory approval new york , sept. 19, 2022 /prnewswire/ -- northern lights acquisition corp. (the "company") (nasdaq: nlit), a special purpose acquisition company, announced that it has amended that certain unit purchase agreement (as amended, the "unit purchase agreement"), dated february 11, 2022, by and among the company, 5ak, llc, the company's sponsor, shf, llc d/b/a safe harbor financial, a colorado limited liability company ("safe harbor"), shf holding co., llc, a colorado limited liability company and the sole member of safe harbor (the "seller"), and partner colorado credit union, a colorado corporation and the sole member of the seller, to (i) extend the date by which the transactions contemplated thereby (the "business combination") had to be consummated from august 31, 2022 (the "outside date") until september 28, 2022 and (ii) provide for the deferral of $30 million (the "deferred cash consideration") of the $70 million due to the seller at the closing of the business combination.
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