Insider filing report for Changes in Beneficial Ownership
- Schedule 13G & 13D forms are used to report a party's ownership of stock which exceeds 5% of a company's total stock issue.
- Schedule 13G is a shorter version of Schedule 13D with fewer reporting requirements.
"Insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise"
- Peter Lynch
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- Peter Lynch
What is insider trading>>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
(Rule 13d-102)
Information Statement Pursuant to Rules 13d-1 and 13d-2
Under the Securities Exchange Act of 1934
(Amendment No. _1_)*
Canna-Global Acquisition Corp
(Name of Issuer)
Class A Common Stock, $0.000001 par value per share
(Title of Class of Securities)
13767K101
(CUSIP Number)
December 31, 2023
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this schedule is filed:
☐
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Rule 13d-1(b)
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☐
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Rule 13d-1(c)
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☒
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Rule 13d-1(d)
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*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which
would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of
that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
1
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NAMES OF REPORTING PERSONS
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Westchester Capital Management, LLC
27-3790558
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
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(a)☐
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(b)☒
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3
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SEC USE ONLY
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4
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CITIZENSHIP OR PLACE OF ORGANIZATION
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Delaware
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
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5
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SOLE VOTING POWER
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4,825 shares
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6
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SHARED VOTING POWER
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21,959 shares
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7
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SOLE DISPOSITIVE POWER
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4,825 shares
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8
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SHARED DISPOSITIVE POWER
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21,959 shares
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9
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
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26,784 shares
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10
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CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
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☐
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11
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
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1.36%*
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12
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
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IA
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* Based on 1,972,657 Shares outstanding as of December 1, 2023, as reported in the Issuer’s Form 8-K filed with the Securities and Exchange Commission on December 11, 2023.
1
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NAMES OF REPORTING PERSONS
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Westchester Capital Partners, LLC
13-3869675
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
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(a)☐
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(b)☒
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3
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SEC USE ONLY
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4
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CITIZENSHIP OR PLACE OF ORGANIZATION
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Delaware
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
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5
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SOLE VOTING POWER
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0 shares
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6
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SHARED VOTING POWER
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None
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7
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SOLE DISPOSITIVE POWER
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0 shares
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8
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SHARED DISPOSITIVE POWER
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None
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9
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
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0 shares
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10
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CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
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☐
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11
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
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0.0%*
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12
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
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IA
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* Based on 1,972,657 Shares outstanding as of December 1, 2023, as reported in the Issuer’s Form 8-K filed with the Securities and Exchange Commission on December 11, 2023.
1
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NAMES OF REPORTING PERSONS
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Virtus Investment Advisers, Inc.
04-2453743
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
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(a)☐
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(b)☐
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3
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SEC USE ONLY
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4
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CITIZENSHIP OR PLACE OF ORGANIZATION
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Massachusetts
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
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5
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SOLE VOTING POWER
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None
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6
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SHARED VOTING POWER
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21,959 shares
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7
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SOLE DISPOSITIVE POWER
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None
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8
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SHARED DISPOSITIVE POWER
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21,959 shares
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9
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
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21,959 shares
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10
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CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
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☐
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11
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
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1.11%*
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12
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
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IA
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* Based on 1,972,657 Shares outstanding as of December 1, 2023, as reported in the Issuer’s Form 8-K filed with the Securities and Exchange Commission on December 11, 2023.
The amounts reported on this page are also included in the amounts reported by Westchester Capital Management, LLC on this Schedule 13G.
Item 1(a). |
Name of Issuer
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The name of the issuer to which this filing on Schedule 13G relates is Canna-Global Acquisition Corp (the “Company”).
Item 1(b). |
Address of Issuer’s Principal Executive Offices
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The principal executive offices of the Company are located at 4640 Admiralty Way, Suite 500, Marina Del Rey, California 90292.
Item 2(a). |
Name of Person Filing
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This statement is being filed jointly by the following (each, a “Reporting Person,” and collectively, the “Reporting Persons”): Westchester Capital Management, LLC (“Westchester”), a Delaware limited liability company,
Westchester Capital Partners, LLC (“WCP”), a Delaware limited liability company and Virtus Investment Advisers, Inc. (“Virtus”), a Massachusetts corporation.
Virtus, a registered investment adviser, serves as the investment adviser to each of The Merger Fund (“MF”), The Merger Fund VL (“MF VL”), Virtus Westchester Event-Driven Fund (“EDF”) and Virtus Westchester Credit
Event Fund (“CEF”). Westchester, a registered investment adviser, serves as sub-advisor to each of MF, MF VL, EDF, CEF, JNL Multi-Manager Alternative Fund (“JARB”), JNL/Westchester Capital Event Driven Fund (“JNL”) and Principal Global
Multi-Strategy Fund (“PRIN”). WCP, a registered investment adviser, serves as investment adviser to Westchester Capital Master Trust (“Master Trust”, together with MF, MF VL, EDF, CEF, JARB, JNL, and PRIN (the “Funds”). The Funds directly hold
Common Stock of the Company for the benefit of the investors in those Funds. Mr. Roy Behren and Mr. Michael T. Shannon each serve as Co-Presidents of Westchester and WCP.
Westchester and WCP often make acquisitions in, and dispose of, securities of an issuer on the same terms and conditions and at the same time. Based on the foregoing and the relationships described herein, these
parties may be deemed to constitute a “group” for purposes of Section 13(g)(3) of the Act. The filing of this statement shall not be construed as an admission that the Reporting Persons are a group, or have agreed to act as a group.
Item 2(b). |
Address or Principal Business Office or, if none, Residence:
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Westchester Capital Management, LLC
100 Summit Drive, Valhalla, NY 10595
Westchester Capital Partners, LLC
100 Summit Drive, Valhalla, NY 10595
Virtus Investment Advisers, Inc.
One Financial Plaza, Hartford, CT 06103
Item 2(c). |
Citizenship
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Each of Westchester and WCP are organized under the laws of the State of Delaware. Virtus is organized under the laws of the State of Massachusetts.
Item 2(d). |
Title of Class of Securities
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The class of equity securities of the Company to which this filing on Schedule 13G relates is Class A Common Stock, $0.000001 par value per share ("Common Stock").
Item 2(e). |
CUSIP Number
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The CUSIP number of the Company’s Common Stock is 13767K101.
Item 3. |
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
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(a) |
☐ Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).
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(b) |
☐ Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 73c).
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(c) |
☐ Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).
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(d) |
☐ Investment company registered under section 8 of the Investment Company Act of 1940(15 U.S.C. 80a-8).
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(e) |
☒ An investment adviser in accordance with §13d-1(b)(1)(ii)(E).
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(f) |
☐ An employee benefit plan or endowment fund in accordance with §240.13d-1(b)(1)(ii)(F).
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(g) |
☐ A parent holding company or control person in accordance with §240.13d-1(b)(1)(ii)(G).
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(h) |
☐ A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813).
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(i) |
☐ A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3).
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(j) |
☐ Group, in accordance with §240.13d-1(b)(1)(ii)(J).
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☐
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If this statement is filed pursuant to §240.13d-1(c), check this box.
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Item 4. |
Ownership
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The information set forth in Rows 5 through 11 of the cover pages to this Schedule 13G is incorporated herein by reference. Virtus acts as investment adviser to each of MF, MF VL, EDF and CEF. Westchester acts as
sub-advisor to each of MF, MF VL, EDF, CEF, JARB, JNL and PRIN and may be deemed to beneficially own shares of Common Stock held by MF, MF VL, EDF, CEF, JARB, JNL and PRIN. WCP, as investment adviser to Master Trust, may be deemed to beneficially
own shares of Common Stock held by the Master Trust. Messrs. Behren and Shannon each serve as Co-Presidents of Westchester and WCP. By virtue of these relationships, Westchester, WCP and Messrs. Behren and Shannon may be deemed to beneficially
own the Common Stock held by the Funds, however, each of the Reporting Persons and Messrs. Behren and Shannon disclaim beneficial ownership of such shares of Common Stock, except to the extent of their pecuniary interest therein. The filing of
this Statement shall not be construed as an admission that the Reporting Persons and Messrs. Behren and Shannon are, for the purpose of Section 13(g) of the Act, the beneficial owner of such shares held by the Funds.
Item 5. |
Ownership of Five Percent or Less of a Class
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If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following ☒.
Item 6. |
Ownership of More than Five Percent on Behalf of Another Person
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Not Applicable.
Item 7. |
Identification and Classification of the Subsidiary which Acquired the Security Being Reported on by the Parent Holding Company:
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Not Applicable.
Item 8. |
Identification and Classification of Members of the Group
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Not Applicable.
Item 9. |
Notice of Dissolution of Group
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Not Applicable.
Item 10. |
Certification
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By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held
in the ordinary course of business and were not acquired and are not held for the
purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than
activities solely in connection with a nomination under §240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Dated: February 14, 2024 | |||
WESTCHESTER CAPITAL MANAGEMENT, LLC
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By:
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/s/ CaSaundra Wu | ||
Name:
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CaSaundra Wu | ||
Title: |
CCO |
WESTCHESTER CAPITAL PARTNERS, LLC
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By:
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/s/ CaSaundra Wu | ||
Name:
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CaSaundra Wu | ||
Title: | CCO |
VIRTUS INVESTMENT ADVISERS, INC.
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By:
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/s/ David Fusco | ||
Name:
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David Fusco | ||
Title: | Chief Compliance Officer |
Exhibit A
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(k) of the Securities Exchange Act of 1934, as amended, the undersigned agree to the joint filing on behalf of each of them of a Statement on Schedule 13G (including any and all
amendments thereto) with respect to the Common Stock of Canna-Global Acquisition Corp, and further agree that this Joint Filing Agreement shall be included as an Exhibit to such joint filing. In evidence thereof, the undersigned, being duly
authorized, hereby execute this Joint Filing Agreement as of February 14, 2024.
Dated: February 14, 2024 | |||
WESTCHESTER CAPITAL MANAGEMENT, LLC
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By:
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/s/ CaSaundra Wu | ||
Name:
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CaSaundra Wu | ||
Title: | CCO |
WESTCHESTER CAPITAL PARTNERS, LLC
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By:
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/s/ CaSaundra Wu | ||
Name:
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CaSaundra Wu | ||
Title: |
CCO |
VIRTUS INVESTMENT ADVISERS, INC.
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By:
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/s/ David Fusco | ||
Name:
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David Fusco | ||
Title: | Chief Compliance Officer |