Alpine Acquisition Corp. (Nasdaq: REVE) announced this afternoon that it has again adjourned its special meeting to complete its transaction with experiential entertainment company Two Bit Circus.
The SPAC originally intended to hold its special meeting on February 24, but adjourned it to today. After adjourning the meeting once again, it will now be held on March 16 at 12:00 PM. Alpine intends to use this additional time to engage with its stockholders and finalize terms in connection with its proposed merger.
But, the company also held an extension meeting today which was approved by REVE shareholders. As a result, the SPAC will gain an extra month on its timeline, giving it a new completion deadline of April 2 instead of March 2.
Alpine announced its $153 million deal with Two Bit Circus in May 2022 and originally funded it with about $109.1 million from its current trust supplemented by a $25 million PIPE. The parties also plan to take out a $75 million mortgage loan, which is to close concurrently with the transaction.
Two Bit Circus runs a micro amusement park in Los Angeles and this deal would see it acquire two conference hotels to expand to Denver and Stamford, CT.
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