Capitalworks Emerging Markets Acquisition Corp. (Nasdaq: CMCA) announced this afternoon that it is postponing its special meeting from February 24 to March 1 and has signed a non-binding letter of intent (LOI).
At the meeting, shareholders will be asked to vote on proposals to extend the SPAC’s completion deadline from March 3 to December 3 and to allow the company’s board to elect to wind up its operations on a date earlier than December 3. As a result of the postponement, Capitalworks Emerging Markets has also extended the redemption deadline to February 27. The SPAC hopes to use this additional time to continue soliciting proxies from shareholders.
Additionally, CMCA disclosed that its sponsor may enter into non-redemption agreements with a limited number of shareholders to not redeem the Class A ordinary shares issued in its IPO.
Although the company has not announced a definitive agreement just yet, it has signed a non-binding LOI with an Asian reinsurance firm. Capitalworks believes that it will not have a definitive agreement signed by its deadline of March 3, which would grant the SPAC an automatic three-month extension, and would first need to complete due diligence on the reinsurance company.
But, if the company is able to sign a deal by March 3, it will cancel the extension meeting and hold another shareholder meeting before June 3 in order to seek shareholder approval of the business combination or a new extension.
Since this announcement is just at the LOI stage, the SPAC will remain in SPACInsider’s “Searching” category until a definitive agreement is signed.
Terms Tracker for the Week Ending March 31, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Filings continue to remain quiet, but SPACs did manage to price two more IPOs this week with TMT Acquisition Corp (Nasdaq: TMTCU) and Trailblazer Merger...
Hudson Acquisition I Corp. (NASDAQ:HUDA) announced that it has signed a non-binding letter of intent (LOI) to combine with a pre-clinical-stage biotechnology company. The SPAC did not provide many details on the unnamed target, but disclosed that the biotech company is focused on developing intranasal preventives for major disease-causing respiratory viruses. As a condition to the target...
Heading into April, SPACs are to see eight sponsors and 11 de-SPAC’d companies freed from lock-ups and ready to trade. Most of these lock-up expirations are loaded into the final week of the month, but those hitting this milestone already next week include some of the more interesting transactions of the crop. In particular, MoonLake...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Shares of Digital World jump after Trump’s indictment, and pair of Delaware Chancery court decisions deny motions to dismiss SPAC shareholder’s fiduciary breach claims Trump-Tied SPAC’s Shares Jump After Historic New York Charge The...
Ares Acquisition Corporation II (NYSE:AACT) filed its S-1 yesterday afternoon for a $400 million IPO, marking the second SPAC to file for an IPO in March and the largest since December 20, 2021, when Gores Holdings X Inc. filed for a $725 million SPAC. Ares II intends to focus its search on an established target...