EG Acquisition Corp. (NYSE:EGGF) announced this morning that it is pushing its extension vote from today to 12 pm ET May 19 to give it more time to engage with shareholders.
Shareholders at the rescheduled special meeting will consider a proposal to allow the SPAC to extend its transaction deadline from May 28 to August 28 and thereafter up to three more times in one-month increments to December 28.
EG’s sponsor is adding a new inducement to keep those shareholders engaged, offering to contribute the lesser of $160,000 or $0.04 per share for each month of the extension.
Along with the rescheduling, the SPAC’s redemption deadline has been moved to May 17, so shareholders will have the opportunity to consider this and potentially withdraw their redemption decisions. The SPAC estimates the redemption rate for the vote will be $10.24 and it last closed at $10.21.
In November, EG announced a $600 million combination with flyExclusive. Kinston, North Carolina-based flyExclusive is an owner and operator of private jet experiences with a floating fleet of over 90 light to heavy jets.
The advent of summer is bringing nine lock-up expirations for de-SPAC’d companies and 10 on the sponsor side. The first change is to come for the sponsor of European Biotech Acquisition Corp., which closed its combination with Swiss pharma firm Oculis SA (NASDAQ:OCS) just three months ago. The sponsor is getting flexibility at a good...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Lucid to raise $3B in a common stock offering from Saudi owners, Betsy Cohen says SPACs will make a comeback, and SatixFy makes another leadership change Lucid Raising $3 Billion With More Money From...
An article on Bloomberg yesterday announced what many in SPAC Land have been wondering after UBS acquired Credit Suisse – where was Niron Stabinsky, the Head of SPACs at Credit Suisse, going to land? The answer is Banco Santander SA, in what appears to be a massive lift of most (or nearly all) of Credit...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: eureKING signs put option for the potential acquisition of Skyepharma and Pear Therapeutics sells for $6M in post-bankruptcy auction eureKING, the first European SPAC in healthcare dedicated to biomanufacturing, announces the signature of a...
Pegasus Digital (NYSE:PGSS) has entered into a definitive agreement to combine with equipment manufacturer SCHMID at an enterprise value of $640 million. Freudenstadt, Germany-based SCHMID makes silicon and glass components for the solar energy industry and electronics, including substrates for the broader technology space. The combined company is expected to trade on the NYSE once...