byNordic Acquisition Corporation (NASDAQ:BYNO) announced this morning that it plans to adjourn its August 8 extension vote without conducting any business.
Shareholders will reconvene at 10 am ET August 10 and the change also pushes the SPAC’s deadline for redemption decisions to 5 pm ET August 8. On the ballot is a proposal to extend the company’s transaction deadline from August 11 to February 12, 2024 and provide the sponsor the ability to further extend it in one-month increments up to August 12, 2024.
byNordic’s sponsor has pledged to contribute the lesser of $625,000 or $0.24 per share for the initial extension. That is a boost of 4% from the $600,000 and 33% from the $0.18 per share options it pledged in its previous proxy.
For each additional one-month extension beyond February 12, the sponsor would deposit the lesser of $105,000 and $0.04 per share. These are boosts of $5,000 (5%) and $0.01 per share (25%) from the earlier offer. byNordic last estimated its pro rata trust value at $10.61 and its stock last closed at $10.63.
The SPAC also clarified in today’s press release that no trust funds would be used to pay any potential excise tax obligations in connection with future redemptions.
byNordic raised a total of $176 million in its February 2022 IPO, but has not yet announced a business combination. It is steered by Sweden-based private equity veterans CEO Michael Hermansson, CFO and COO Thomas Fairfield along with Director of Acquisition Mats Karlsson who are seeking to combine with a target company in Northern Europe.
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