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.


Recent Posts
by Nicholas Alan Clayton on 2024-05-20 at 12:49pm

Distoken (NASDAQ:DIST) has entered into a definitive agreement to combine with staffing firm Youlife International. Shanghai-based Youlife provides a staffing and recruitment platform aimed at training up applicants and getting them matched with vocational careers in China and the Asia-Pacific region. The combined company is expected to trade on the Nasdaq under the symbol “YOUL”...

by Nicholas Alan Clayton on 2024-05-20 at 7:46am

At the SPAC of Dawn This week’s SPAC action is set to be front-loaded as far as votes are concerned with four extension votes today and tomorrow. Genesis Growth Tech (OTC:GGAAF) shareholders will also vote to complete its combination with Mind Maze Tuesday. Genesis Growth last closed at $12.50 – a $0.58 discount to its...

by Kristi Marvin on 2024-05-18 at 11:45am

Terms Tracker for the Week Ending May 17, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. SPACs managed to price their third IPO in the month of May this week with RF Acquisition Corp. II‘s $100 million offering. RF II’s IPO...

by Nicholas Alan Clayton on 2024-05-17 at 8:08am

At the SPAC of Dawn While AST Spacemobile (NASDAQ:ASTS) had the SPAC market’s biggest leap yesterday, among de-SPACs that are trading above $10, it was oil and gas firm Sable Offshore (NYSE:SOC) that had the best outing. It finished up +14% and is gaining a further +2% in the pre-market to $14.30 this morning. This...

by Kristi Marvin on 2024-05-17 at 6:30am

RF Acquisition Corp. II (NASDAQ:RFAIU) announced the pricing of its $100 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “RFAIU”, Friday, May 17, 2024. The new SPAC intends to focus its target search on businesses in Asia within the deep technology sector, including artificial intelligence, quantum computing,...


Copyright © 2023 SPACInsider, Inc. All Rights Reserved