Blockchain Coinvestors I (NASDAQ:BCSA) announced this afternoon that it is once again postponing its special meeting to extend its timeline to complete its business combination.
The meeting was originally scheduled to be held on January 18, but was subsequently postponed to January 27, and now February 3. The SPAC is hoping to gain shareholder approval at the upcoming meeting to extend the date by which it must complete a deal from May 15 to November 15.
As a result of the postponement, the deadline for redemption requests has also been extended to February 1.
After postponing its initial meeting, Blockchain Coinvestors I signed non-redemption agreements with unaffiliated investors to keep more cash in its trust through its extension vote.
Under the agreement, investors are to receive a portion of 75,000 promote shares (0.9% of total) Blockchain Coinvestors I’s sponsor has agreed to disperse for every 350,000 shares that are not redeemed. Investors are to effectively receive one new share for every 4.66 shares they do not redeem under these terms.
Blockchain Coinvestors I inked its $622 million deal with crypto fintech firm Qenta in November 2022. The Houston-based company has created a crypto investment and payments platform with its G-Coin backed by sustainably produced physical gold.
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