Cilo Cybin released a media statement on 11 September 2025, announcing that shareholders and the JSE had approved the company’s ‘de-SPAC’ and was moving from the AltX to the stock exchange’s main board.
What is a SPAC?
SPAC is an acronym for a Special Purpose Acquisition Company, also known as a “blank check” company, is a publicly traded shell company with no commercial operations that raises money through an initial public offering (IPO) to acquire or merge with an existing private company. SPACs offer a faster route for private companies to become publicly listed without going through a traditional IPO process themselves. Investors in the SPAC generally trust the management team’s expertise to find and merge with a suitable target company within a set timeframe.
Theron, with Malaysian financial backers, listed the SPAC on AltX over a year ago to raise funds to buy Cilo Cybin’s Gauteng facility, which is a SAHPRA-registered cannabis cultivator and processor.
“Most SPACs worldwide have disappointed as a result of slow mergers, loss-making companies and poor returns. Cilo Cybin has done the opposite – in just 14 months the company acquired a profitable target company, completed one of the fastest de-SPACs and moved from AltX to the Main Board of the JSE” says Theron.
To qualify for its Main Board listing, Cilo Cybin met the JSE’s minimum requirements of R15 million in profit and R500 million in share capital.
The listing date is scheduled for Monday, 29 September 2025.
“The transaction positions Cilo Cybin as a powerful force – the group is cash positive, debt free, and profitable – setting the stage for sustained growth and expansion.” says Theron.
Having established itself as a pioneer in South Africa’s regulated cannabis sector, Theron believes long-term resilience will depend on expanding beyond the cultivation and manufacturing of cannabis products, and to establish a global footprint.
“We are positioning Cilo Cybin to become a powerhouse in the global cannabis industry” he says.
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