Portage Fintech Acquisition Corporation (NASDAQ:PFTA) announced in a filing this morning that it has postponed its special shareholder meeting two days to 10 am ET July 21 from July 19.
Shareholders are to consider giving Portage Fintech a one-year transaction deadline extension, pushing the SPAC’s out to July 31, 2024 in exchange for no new contribution to its trust. Investors may also be still be getting acquainted with the SPAC’s new management team.
On July 11, Portage Fintech sold an undisclosed portion of its promote shares and private placement warrants to Perception Capital Partners and announced all of its existing officers would resign. Under Perception’s sponsorship, Portage Fintech will now be led by private equity veterans CEO Rick Gaenzle, CFO Corey Campbell and Co-Presidents Tao Tan and Jim Sheridan.
Gaenzle, Sheridan and Campbell serve in these same roles at Perception Capital II (NASDAQ:PCCT), which announced a $203 million combination in January with emissions-tracking hardware producer Spectaire. This group also includes Board ties to de-SPACs Innoviz (NASDAQ:INVZ) and The Metals Company (NASDAQ:TMC) in the lidar and rare earth mining spaces, respectively.
This augurs a likely shift in strategy away from Portage’s initial focus on combining with a wealth management or consumer payments firm to a new approach looking more tightly at ESG investments.
For now, Portage Fintech has about $268.9 million in its trust and it last closed at $10.39, just above its pro rata trust value of $10.38. Investors will now have until 5 pm ET, July 19 to decide if they prefer to redeem or hop on board with the new team.
Pyrophyte Acquisition Corp. II (NYSE:PAII.U) announced the pricing of its $175 million IPO and its units are expected to begin trading on the NYSE under the symbol “PAII.U”, Thursday, July 17, 2025. The new SPAC plans to focus its search on companies within the energy sector that constitute critical links in the supply chain of the...
At the SPAC of Dawn Rare earth miner MP Materials (NYSE:MP) was one of the early winners of the 2020 SPAC boom, having picked up momentum following its 2020 deal with Fortress Value. But, the company’s news that it will become a major supplier of battery materials for Apple’s empire of electronic devices has sent...
Solarius Capital Acquisition Corp. (NASDAQ:SOCAU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “SOCAU”, Wednesday, July 16, 2025. The new SPAC plans to combine with a target in the asset management, wealth management or financial services industries. Solarius Capital’s management team...
Exciting new things are coming for SPACInsider subscribers, and some have already arrived! This summer, SPACInsider is unveiling the SPACInsider Alerts App on iOS with an Android launch soon to follow. The app allows subscribers to stay ahead of the SPAC market with real-time, customizable filing alerts with instant notifications landing the moment that a...
At the SPAC of Dawn Futures are largely green with the CPI reading coming up, and several SPACs and de-SPACs have cause to feel bullish regardless of what the reading states. Pharma and beauty company Longevity Health (NASDAQ:XAGE) announced it will acquire plasma collection firm True Health ahead of market open in news that has...