SPACInsider Logo
VMG Consumer Acquisition Corp. (VMGA) Cancels Extension Vote, Announces Liquidation
by Marlena Haddad on 2023-05-04 at 10:30am

VMG Consumer Acquisition Corp. (Nasdaq:VMGA) announced this afternoon that it has decided to cancel its extension vote tomorrow and will instead liquidate its trust.

At the meeting, the SPAC intended to seek shareholder approval of a proposal to extend its timeline from May 15 to November 15. It now plans to redeem all of its outstanding shares of Class A common stock at a redemption price of approximately $10.40.

As of the close of business on May 15, the shares will be deemed cancelled and will represent only the right to receive the redemption amount.

VMG announced the pricing of its $200 million IPO in November 2021. The SPAC had a timeline of 18 months to find a target to combine with, but was unable to do so within that timeframe. It originally set out to identify and complete a transaction with a high-growth consumer and retail company.

VMG is led by CEO Aarti Kapoor, CFO and Secretary Angad S. Hira, and Chairman of the Board of Directors Michael Mauze.

Recent Posts
by Marlena Haddad on 2023-06-07 at 11:34am

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News: SMX to create new subsidiary, trueSilver, and enters into exclusive agreement with Sunshine Minting  SMX Extending Metals Business with trueSilver Aiming Both for Fashion Luxury and Bullion Products SMX (NASDAQ:SMX) is pleased to announce...

by Nicholas Alan Clayton on 2023-06-07 at 7:33am

Rice II (NYSE: RONI) announced in an 8-K today that its shareholders have approved its combination with energy technology company NET Power with relatively low redemptions. In the end, 21,195,224 shares were redeemed in connection vote, removing 61% of Rice II’s trust. This is the second best result among the 32 deals that have come...

by Nicholas Alan Clayton on 2023-06-07 at 7:04am

Trajectory Alpha (NYSE:TCOA) announced in an 8-K this morning that it has opted to postpone its June 8 extension vote to June 12 at 10 am ET. The SPAC will use this extra time to engage with shareholders at work to reverse redemption decisions. Trajectory Alpha’s team may still be getting acquainted with some major...

by Kristi Marvin on 2023-06-06 at 5:59pm

Tracking SPACs and all of their various types of “corporate actions” can be challenging. After all, a SPAC can postpone, adjourn, extend, complete, liquidate early, do a tender offer, and in some cases, one SPAC do all of those actions within its lifespan.  Naturally, this can be challenging to manage. More importantly, it can very...

by Marlena Haddad on 2023-06-06 at 11:34am

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News: Byju skips payment on dollar loan and HNR affirms intent to purchase equity interests of Pogo Resources High-Flying Indian Startup Byju’s Skips Payment on Dollar Loan One of India’s best-known startups has skipped payment...

Privacy Policy|Terms Of Use
Copyright © 2023 SPACInsider, Inc. All Rights Reserved