American Acquisition Opportunity (NASDAQ:AMAO) announced this afternoon that its shareholders approved its combination with investment company Royalty Management at a special meeting held earlier today.
Of the 3,074,568 shares of common stock issued and outstanding entitled to vote at the meeting, 2,758,495 shares, or 89.72%, were present, constituting a quorum. The business combination proposal was overwhelmingly approved as holders of 2,747,946 shares voted in favor of the deal.
In connection with the meeting, a total of 221,643 shares exercised their redemption rights and did not subsequently reverse that decision.
The SPAC initially brought about $15.7 million into the deal from its trust, but already saw 96.69% of this redeemed during a September extension meeting, leaving it with $3.62 million. It did not supplement this with a PIPE and has a minimum cash closing condition of $2 million.
The parties have not yet provided a timeline for when the deal will close. But, once completed, the combined company is expected to trade on the Nasdaq under the symbol “RMCO”.
American Acquisition inked the $111 million deal with Royalty Management in June 2022. Fishers, Indiana-based Royalty Management collects cashflow streams via resources, intellectual property and other royalty-paying assets and distributes these to shareholders.
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