Noble Rock (NRAC) and Constellation I (CSTA) Move Extension Votes
by Nicholas Alan Clayton on 2023-01-24 at 8:26am

Noble Rock Acquisition Corp. (NASDAQ:NRAC) and Constellation Acquisition Corp. I (NYSE:CSTA) announced this morning that they have each announced changes to their upcoming extension votes.

Noble Rock is moving its vote from January 25 to 10 am ET January 27. It has also slightly decreased the contribution its sponsor intends to make to the trust in connection with the vote. This contribution was previously set to the lesser of $110,000 and $0.06 per share and will now be a range of the lesser of $100,000 or $0.055 per share.

A $0.055 per share contribution would equate to exactly $100,000 if about 1,818,181 shares were left unredeemed. That would be a 92.5% redemption scenario. Should redemptions be less, the pro rata contribution will be less than $0.55.

Noble Rock also indicated in a previous proxy that some Class B shareholders intended to convert their shares into Class A shares in connection with the vote, but will no longer do so.

Constellation I, for its part, announced in an 8-K that it intends to adjourn its special meeting to give it more time to engage with its investors. They were to consider a proposal to allow the SPAC to extend its January 29 transaction deadline to April 29 and allow for up to nine further in one-month extensions.

The record date for that vote will remain December 27 when the special meeting reopens at its to-be-determined new time.

Both SPACs initially IPO’d in early 2021 without overfunding their trusts and with units containing 1/3 warrants. But, neither has announced a transaction in the roughly two years they have been searching.

 

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