Northern Lights Acquisition Extends Commercial Alliance Agreement with Partner Colorado Credit Union

On December 30, 2024, Northern Lights Acquisition, formerly SHF Holdings, Inc., partnered with Partner Colorado Credit Union (PCCU) to amend and extend their Commercial Alliance Agreement (CAA) originally entered into on March 29, 2023. This amendment extends the agreement through December 31, 2028, with automatic renewal for subsequent two-year periods, provided notice of non-renewal is given in advance.

Under the Original CAA, Northern Lights Acquisition undertook significant underwriting activities for loans, received interest income based on a specific calculation, and shared servicing and deposit income with PCCU. The Amended CAA modifies these terms, introducing a new loan yield allocation formula for interest income determination and a fixed fee structure for account relationships generated by the company.

The Amended CAA also eliminates Northern Lights Acquisition’s indemnification obligations related to loan losses facilitated under the Original CAA or in the future. Notably, for fiscal years 2022 and 2023, the relationship with PCCU accounted for a significant portion of the company’s revenue.

Furthermore, a recent development includes the arbitration demand made by Mr. Daniel Roda, the former Chief Credit Officer of Northern Lights Acquisition, related to his employment agreement. Mr. Roda resigned from his position in December 2024, and his legal counsel notified the company of the arbitration demand on December 31, 2024. His employment agreement and its amendment are part of the disclosed exhibits related to this matter.

The full details of both the Original CAA and the Amended CAA can be found in the company’s Quarterly Report on Form 10-Q for the period ending March 31, 2024. Additionally, the Amended and Restated Commercial Alliance Agreement dated December 30, 2024, between Northern Lights Acquisition and Partner Colorado Credit Union is available as Exhibit 10.1 in the company’s recent filing.

This report signifies Northern Lights Acquisition’s commitment to enhancing its commercial relationship with PCCU while navigating legal matters tied to its former executive’s departure.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Northern Lights Acquisition’s 8K filing here.

Northern Lights Acquisition Company Profile

Northern Lights Acquisition Corp. does not have significant operations. It intends to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses in the cannabis industry. The company was incorporated in 2021 and is based in New York, New York.