Latest Non-Redemption Agreements: Yotta Acquisition Corp.,Live Oak Crestview Climate Acquisition Corp.
Yotta Acquisition Corp. (YOTA) Adds Non-Redemption Agreements
Yotta Acquisition Corp. (NASDAQ:YOTA) entered into non-redemption agreements with certain unaffiliated third parties in exchange for such third parties agreeing not to redeem an aggregate of 598,680 shares of the Company’s common stock.
In exchange for the foregoing commitments not to redeem such Non-Redeemed Shares, the Sponsor has agreed to transfer to such third parties an aggregate of up to 300,000 shares of the Common Stock held by the Sponsor following the escrow period if they continue to hold such Non-Redeemed Shares through the Meeting.
The Non-Redemption Agreements are not expected to increase the likelihood that the Extension Amendment Proposal and the Trust Amendment Proposal is approved by the Company’s stockholders but are expected to increase the amount of funds that remain in the Company’s trust account following the Meeting.
These shares will not be redeemed at the SPAC’s upcoming vote to extend its transaction deadline to August 22, 2024.READ
Live Oak Crestview Climate Acquisition Corp. (LOCC) Adds Non-Redemption Agreement
Live Oak Crestview Climate Acquisition Corp. (NYSE:LOCC) entered into a non-redemption agreement with an unaffiliated third party (the “Investor”) in exchange for the Investor agreeing not to redeem shares of the Company’s Class A common stock at the special meeting to approve, amongst other proposals, an extension of time for the Company to consummate an initial business combination from September 27, 2023 to January 12, 2024.
Since September 18, 2023, the Sponsor and the Company have entered into additional agreements, in substantially the same form, with unaffiliated third parties (“Additional Investors”). Pursuant to the Non-Redemption Agreements, the Investor and the Additional Investors have agreed not to redeem up to an aggregate of 12,488,046 shares of the Company’s Class A common stock.
In exchange, the Company has agreed to issue or cause to be issued to the Investor and Additional Investors an aggregate of 1,135,163 shares of Class A common stock if the Investor and Additional Investors continue to hold the shares of Class A common stock through the Special Meeting.
In addition, the Sponsor has agreed to surrender and forfeit to the Company for no consideration 1,135,163 shares of the Company’s common stock held by the Sponsor immediately following the consummation of the Company’s initial business combination.
The Non-Redemption Agreements are not expected to increase the likelihood that the Extension Amendment Proposal is approved by shareholders but will increase the amount of funds that remain in the Company’s trust account following the Special Meeting.
Lastly, certain parties to the Non-Redemption Agreements intend to purchase additional shares of the Company’s Class A common stock on the open market. Such purchases will be made at or below a price of $10.37 per share, and such parties will not vote such purchased shares in favor of the Extension.READ
CF Acquisition Corp. VIII (NASDAQ:CFFE) announced this afternoon that it has completed its combination with B2B software firm Exela. Although shareholders had previously approved the deal during a special meeting on August 24, no specific timeline for its next steps had been disclosed at that time. Additionally, a proposal was passed at the meeting to change...
DUET Acquisition Corp. (NASDAQ:DUET) has signed a business combination agreement with social media firm Fenix 360 at an enterprise value of $610 million. Singapore-based Fenix 360 is developing an app-based social media platform designed for artists to better engage with fans and monetize interactions. The combined company is expected to trade on the Nasdaq once...
PROOF Acquisition Corp I (NYSE: PACI) announced this morning that its shareholders have approved its business combination with private aviation company Volato at a special meeting held on November 28. Approximately 97% of the votes cast at the meeting were cast in favor of the approval of the deal. The SPAC did not disclose redemption...
At the SPAC of Dawn Filings after the bell yesterday provided another three-liquidation day for SPACs bringing this week’s tally to four and extending a streak of five straight weeks with four to five liquidations each week. With 178 SPACs having announced a liquidation so far in 2023, the year’s total number could well exceed...
Plum Acquisition Corp. I (NASDAQ:PLMI) has entered into a definitive agreement to combine with digital transformation company Veea for a total enterprise value of approximately $281 million. New York City-based Veea aims to simplify secure edge computing by improving application responsiveness, reducing bandwidth and data transport costs, and eliminating central cloud dependency. The parties expect the transaction to be...