Altimar Acquisition Corp. III (NYSE:ATAQ) announced in an 8-K this afternoon that it adjourned its extension vote today without concluding any business and will reconvene the special meeting at 12:30 pm ET March 3.
About 81.4% of the company’s outstanding shares participated in the meeting, so turnout was not an issue, but it appears that redemption levels are not yet where the SPAC wants them. It noted in an earlier proxy that should the company’s trust drop below $40 million as a result of the vote, it may opt to forgo the extension and liquidate.
Altimar III announced yesterday that it had secured non-redemption agreements covering 95,760 shares and it could be working to expand that number. When the special meeting reconvenes, shareholders will consider a proposal to extend the SPAC’s transaction deadline from March 8 to September 8.
It currently has about $158.5 million in trust with a pro rata redemption rate of $10.21. Altimar III hasn’t announced a business combination yet, but intends to concentrate its efforts on combining with a company in the TMT, healthcare, financial services, or consumer industries.
The Altimar 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. With its second vehicle, the team then completed another deal with on-demand manufacturing firm Fathom (NASDAQ: FTHM) in December 2021. These de-SPAC’d companies last closed at $12.41 and $4.84, respectively.
Terms Tracker for the Week Ending March 31, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Filings continue to remain quiet, but SPACs did manage to price two more IPOs this week with TMT Acquisition Corp (Nasdaq: TMTCU) and Trailblazer Merger...
Hudson Acquisition I Corp. (NASDAQ:HUDA) announced that it has signed a non-binding letter of intent (LOI) to combine with a pre-clinical-stage biotechnology company. The SPAC did not provide many details on the unnamed target, but disclosed that the biotech company is focused on developing intranasal preventives for major disease-causing respiratory viruses. As a condition to the target...
Heading into April, SPACs are to see eight sponsors and 11 de-SPAC’d companies freed from lock-ups and ready to trade. Most of these lock-up expirations are loaded into the final week of the month, but those hitting this milestone already next week include some of the more interesting transactions of the crop. In particular, MoonLake...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Shares of Digital World jump after Trump’s indictment, and pair of Delaware Chancery court decisions deny motions to dismiss SPAC shareholder’s fiduciary breach claims Trump-Tied SPAC’s Shares Jump After Historic New York Charge The...
Ares Acquisition Corporation II (NYSE:AACT) filed its S-1 yesterday afternoon for a $400 million IPO, marking the second SPAC to file for an IPO in March and the largest since December 20, 2021, when Gores Holdings X Inc. filed for a $725 million SPAC. Ares II intends to focus its search on an established target...