Global Consumer (NASDAQ:GACQ) disclosed this afternoon that its shareholders approved its combination with air care companies GP Global and Luminex at a special meeting held on November 10.
The business combination was overwhelmingly approved as 18,909,414 votes were cast in favor of the deal and 1,730,425 votes against it. There were 20,639,840 shares of common stock present at last week’s special meeting.
As of November 8, Global Consumer received requests to redeem 18,133,785 shares of common stock. With a redemption rate of 99.292%, Global Consumer marks a challenging vote, but the company intends to report any redemption reversals.
The parties have not yet provided a timeline for the closing of the deal, but it is expected to close shortly. Following the closing, the combined company is expected to trade on the Nasdaq under the name Ascense Brands and the ticker symbol “SCNT.”
Global Consumer initially announced its $507.1 million deal with GP Global and Luminex on December 13, 2021. The two companies are expected to consolidate their brands Candle-Lite, Manly Indulgence, Colonial Candle, and PartyLite under a new brand umbrella called Ascense.
ADVISORS
- Jones Day is serving as legal counsel for Luminex.
- KPPB Law is serving as legal counsel for GP Global.
- Loeb & Loeb LLP is serving as legal counsel to Global Consumer Acquisition Corp.
- ARC Group Limited is serving as the financial advisor to Global Consumer Acquisition Corp.
- Duff & Phelps Securities, LLC is serving as the financial advisor to Luminex.
Crown PropTech (OTC:CPTKW) has entered into a definitive agreement to combine with rare earth mining firm Mkango Resources (TSX-V:MKA) at a pre-money equity value of $400 million. London-based Mkango is working to commercialize a chain of rare earth mining and refining facilities in Africa and Europe. The combined company is expected to trade on the...
At the SPAC of Dawn One of the biggest sources of uncertainty in the SPAC market in recent years has been regulatory changes, but new shifts could be in its favor. SEC Chairman Paul Atkins told CNBC yesterday that the commission would review the rules for SPACs after “rather controversial” changes to the rules passed...
McKinley Acquisition Corporation (NASDAQ:MKLYU) has filed for a $150 million SPAC to hunt for an innovative target company with an experienced financial team that has dabbled in SPACs before. The new SPAC is offering investors one right to a 1/10 share in each unit with no overfunding of the trust, but it could provide a...
At the SPAC of Dawn The rain of SPACs has continued with four expected to make their debuts during today’s trading sessions after pricing their IPOs overnight. The largest of these, EQV Ventures II (NASDAQ:EVACU), even managed an upsize, making it the largest SPAC IPO since Ares II (NYSE:AACT) pulled together $450 million in 2023....
EQV Ventures II (NASDAQ:EVACU) announced the pricing of its upsized $420 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “EVACU”, Wednesday, July 2, 2025. The new SPAC plans to merge with an energy target involved in upstream exploration or production. EQV II’s management team is led by...