TPB Acquisition Corporation I (TPBA) Adds FPA to Lavoro Deal
by Nicholas Alan Clayton on 2023-02-21 at 10:19am

TPB Acquisition Corp I (NASDAQ:TPBA) announced in an 8-K this morning that it has entered into forward purchase agreements with investors to backstop their shares through close.

The SPAC did not specify how many shares are currently covered by these agreements and noted that similar arrangements with other parties may still be made. These investors have agreed not to redeem these shares and hold them through close. In exchange, they are to be paid the redemption price plus interest for them when the agreements mature two years after close.

These investors are to use their best efforts to sell these shares ahead of the maturity date on the open market if possible at a price above the redemption rate. Each investor must inform the combined company when such sales take place and each is to receive a pro rata reimbursement for each share sold.

The combined company will then reimburse these investors at the maturity date for any shares still held from the escrow account created for this purpose. This agreement is to be terminated should the company shares trade with a VWAP at or above $12.50 for 20 of 30 trading days with cumulative volume above 25,000,000 shares.

The agreements also terminate if company stock hits a VWAP below $5 under the same terms. In such a case, investors are to receive the dispersed escrow amount divided by the total number of shares held as of the notice of the $5 trigger and multiplied again by the number of shares these investors hold.

The FPAs come in addition to a $100 million PIPE at $10 per share that TPB I included when initially announcing its $1.2 billion combination with Lavoro in September. Sao Paulo, Brazil-based Lavoro is a diversified omnichannel seller of agricultural inputs in Brazil and the Latin American region more broadly.

 

TPB Acquisition Corporation I (TPBA) Adds FPA to Lavoro Deal
Recent Posts
by Nicholas Alan Clayton on 2025-07-17 at 12:54pm

Cantor Equity Partners I (NASDAQ:CEPO) has entered into a definitive agreement to combine with Bitcoin Standard Treasury in a transaction that is worth about $4.8 billion. Bitcoin Standard Treasury aims to bring in capital from a number of equity instruments to build up one of the largest US-listed Bitcoin treasuries. The combined company is expected...

by Nicholas Alan Clayton on 2025-07-17 at 8:29am

At the SPAC of Dawn Several de-SPACs have made market-moving announcements recently and they haven’t forgotten to cash in on them. Fresh off of announcing $500 million strategic investment and partnership with Apple (NASDAQ:AAPL), rare earth miner MP Materials (NYSE:MP) has followed that up with a $500 million public offering, netting the company a cool...

by Kristi Marvin on 2025-07-16 at 5:33pm

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...

by Nicholas Alan Clayton on 2025-07-16 at 8:18am

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...

by Nicholas Alan Clayton on 2025-07-15 at 7:20pm

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...

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved