Clean Energy Special Situations Corp. (NASDAQ:SWSS) announced in an 8-K this morning that it will postpone its extension vote from today to 11 am ET August 28.
It also provided an update on its trust value in the filing, noting that after accounting for taxes it has about $10.18 per share in trust, rather than the $10.36 cited in its last proxy. But, it has decided to still offer $10.36 per share to any shareholder opting to redeem in connection with this vote.
Without clarity as to what the redemption rate might be at the next opportunity, one would think many will take Clean Energy up on that, given the $0.18 per share swing it represents.
Clean Energy already saw about 88.5% of shares redeemed in a February, back when it was operating under the name Springwater Special Situations Corp. It changed its name earlier this month and is now seeking to gain the ability to extend up to a maximum of May 28, 2024. The SPAC’s sponsor would lend it $0.075 per share for the first three months of this extension and $0.025 per share for each additional month.
It has not yet announced a definitive agreement, but initially IPO’d in August 2021 with goal of leveraging its European institutional investor network to find either an over-leveraged target or private equity investment that was already out-of-the-money. Then again, its name change could indicate a shift to a sector-specific focus.
GigCapital 5, Inc. (GIA) Signs Non-Redemption Agreements GigCapital 5 (NASDAQ:GIA) announced in an 8-K this morning that it has entered non-redemption agreements with third parties that will secure up to 2,042,903 shares from redemption. One of these third parties is Meteora Capital Partners and the investors have made this commitment with the caveat that none...
Anzu Special Acquisition Corp I (NASDAQ:ANZU) announced this afternoon that its stockholders voted in favor of the proposed business combination with Envoy Medical Corporation (“Envoy”), held earlier today. Details on the vote, along with redemption numbers, have not been filed yet, but the Company expects the business combination to be consummated on September 29, 2023....
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Pinstripes Expands Senior Leadership Team, Hires Chief Financial Officer and Chief Marketing Officer in Advance of Public Listing Pinstripes, Inc, a best-in-class experiential dining and entertainment brand combining bistro, bowling, bocce and private event space, today announced...
Athena Consumer Acquisition Corp. (NYSE: ACAQ) announced this morning that it plans to again adjourn its September 28 special meeting to approve its combination with German EV-maker e.GO without conducting business and will reconvene it at 4 pm ET September 29. The SPAC’s warrant holders are also to vote at at a meeting 30 minutes...
Integrated Wellness (NYSE:WEL) announced this morning that it has nixed its combination with vending machine operator Refreshing USA due to conditions of the combination remaining unfulfilled. The SPAC did not elaborate on what conditions those were, but the two sides have been past their initial outside date since July 31. Integrated Wellness still plans to...