First Light (NYSE:FLAG) has adjourned its special meeting held today to September 13, at 10:00 a.m. EST, without finalizing its shareholder vote.
Today’s special meeting was being held to consider the proposal of amending and extending FLAG’s transaction deadline by which it must complete its initial business combination. The SPAC, however, did not give further details as to why the meeting was adjourned.
FLAG’s current deadline is September 14, but, the SPAC, which is a 12 month IPO, currently has two allowed auto extensions of 3-months each by contributing $0.10 each time. The adjourned extension vote is seeking to change that to four 3-month extensions instead with a contribution of 1% of the amount held in the trust account at each 3-month extension.
FLAG announced the pricing of its $200 million IPO in September 2021 and intends to partner with a business that has proprietary technologies and market-disruptive applications with multiple use-cases, including commercial and/or defense markets.
The new meeting will now be held on Tuesday, September 13, 2022 at 10:00 a.m. EST.
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