Atlantic Coastal (NASDAQ:ACAH) announced in an 8-K this morning that it inked new non-redemption agreements with investors as it secured an extension of its transaction deadline at a special meeting yesterday.
The SPAC’s deadline has now been pushed out to June 8 and it will have the ability to automatically extend its deadline three more times in one-month increments by contributing the lesser of $80,000 or $0.04 per share.
Atlantic Coastal noted ahead of the vote that it had reached non-redemption agreements with shareholders representing up to 200,000 shares, and it managed to boost this coverage to 2,368,264 shares. These investors will receive 355,240 promote shares in exchange, or roughly 1 new share for each 6.66 not redeemed.
Other shareholders nonetheless redeemed 30,967,389 shares, removing 89.7% of the funds from Atlantic Coastal’s trust at a rate of $10.14 per share.
Atlantic Coastal has been searching for a merger partner since its IPO in March 2021, and it did sign a definitive agreement to combine with additive manufacturing firm Essentium in December of that year. But, this deal was nixed three months later, owing to market conditions.
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