Noble Rock (NASDAQ:NRAC) announced in an 8-K this morning that it is transferring control of its sponsor to Meteora Special Opportunity Fund, Singh Capital Partners and affiliates.
The terms of this transaction have not yet been made public, but it will result in changes to both the SPAC’s management and Board. Existing CEO Whitney Bower and CFO Peter Low are to resign and as well as Board members David Lang and Michael Alter.
The last remaining Board member Aemish Shah is to step up as CEO. It remains to be determined whether this is to be in an interim capacity and who will staff the remaining vacancies. Shah is the co-founder and managing partner of General Global Capital, which has invested in a number of startups including de-SPACs SoFi (NASDAQ:SOFI) and Grab (NASDAQ:GRAB).
Noble Rock announced yesterday that it is moving its extension vote from January 25 to 10 am ET January 27 with the new redemption deadline coming up at 5 pm today. This proposal on offer would push its completion deadline from February 4 to September 4 in exchange for a contribution to the trust of the lesser of $100,000 or $0.055 per share.
With this extension secured, Meteora and Singh would be taking control of a SPAC vehicle with attractive terms for the current market. Noble Rock initially went public in 2021 without overfunding its trust and with units containing 1/3 warrants.
The last five SPACs to IPO dating back to November 10, 2022 all had trusts overfunded to 101.8% or 102% and all but one had one full warrant in its units.
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