Altimar Acquisition Corp. III (NYSE:ATAQ) announced this afternoon that it has entered into non-redemption agreements with several unaffiliated third parties.
Under the agreement, the parties will not redeem an aggregate of 95,760 Class A ordinary shares at ATAQ’s upcoming meeting to extend its completion deadline from March 8 to September 8. In exchange for the commitment to not redeem such shares, Altimar’s sponsor has agreed to transfer 19,152 Class B ordinary shares to the investors immediately after the completion of an initial business combination.
Altimar III disclosed that these non-redemption agreements are not expected to boost the likelihood that the extension gets approved by shareholders, but will increase the amount of funds that remain in its trust account following the meeting.
Additionally, if the extension is approved, the SPAC will not utilize any funds from its trust to pay any excise taxes from redemptions in connection with a liquidation if it does not impact a business combination prior to its termination date.
Altimar III announced the pricing of its upsized $135 million IPO in March 2021. It hasn’t announced a business combination yet, but intends to concentrate its efforts on combining with a company in the TMT, healthcare, financial services/fintech and consumer industries. The company is led by CEO and Chairman of the Board of Directors Tom Wasserman and CFO Wendy Lai.
This team earlier completed a combination with Owl Rock Capital Group and the Dyal Capital Partners division of Neuberger Berman Group LLC to form Blue Owl Capital Inc. (NYSE:OWL) in May 2021 and then completed another deal with on-demand manufacturing firm Fathom (NASDAQ: FTHM) in December 2021.
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