Latest Non-Redemption Agreements: Banyan, ShoulderUp Technology, and ExcelFin
Banyan Acquisition Corp. (BYN) Adds Non-Redemption Agreement
In connection with the extension meeting of Banyan Acquisition Corporation (NYSE:BYN), the company and its sponsor have entered into a non-redemption agreement with an unaffiliated third party, pursuant to which such third party has agreed not to redeem an aggregate of 559,600 shares of Class A common stock.
Pursuant to such agreement, the sponsor has agreed to transfer an aggregate of 139,900 shares of Class B common stock of the company to the third party.
READShoulderUp Technology Acquisition Corp. (SUAC) Adds Non-Redemption Agreement
On April 5, 2023, ShoulderUp Technology Acquisition Corp. (NYSE:SUAC) and its sponsor entered into one or more agreements with one or more third parties in exchange for them agreeing not to redeem shares of the company’s common stock at its extension meeting.
READExcelFin Acquisition Corp. (XFIN) Adds Non-Redemption Agreement
In connection with the extension meeting of ExcelFin Acquisition Corp. (NASDAQ:XFIN), the company and its sponsor have entered into additional non-redemption agreements with unaffiliated third parties, pursuant to which such third parties have agreed not to redeem an aggregate of 5,020,000 Class A common shares.
In exchange for the foregoing commitments, the sponsor has agreed to transfer an aggregate of 1,255,000 Class B common shares of the company to the third parties.
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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...
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...
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...
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...
Avalon Acquisition Inc. (NASDAQ:AVAC) announced in an 8-K this morning that it has entered into a prepaid forward purchase agreement with RiverNorth SPAC Arbitrage Fund, the purchaser, as it works to close its combination with financial services firm The Beneficient Company, or Ben. As part of the agreement, RiverNorth agreed to effect certain purchases of shares...