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.
After announcing its intent to liquidate yesterday, Blockchain Moon Acquisition Corp.(NASDAQ:BMAQ) disclosed this afternoon that it no longer plans to dissolve its trust and will instead continue its search for an alternative target to combine with. The decision to liquidate followed the SPAC’s unilateral termination of its $163 million deal with Web 3.0 infrastructure builder DLTx ASA (OSX:DLTX)....
Four Leaf Acquisition Corp. priced its downsized $52 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “FORL” Friday, March 17, 2023. The SPAC intends to pursue an acquisition of a company focused on the Internet of Things (“IoT”) and adjacent technologies that target the IoT market such...
JATT Acquisition Corp. (NYSE: JATT) announced this afternoon that its shareholders have approved its combination with clinical-stage biotechnology company Zura Bio. A total of 4,907,863 ordinary shares, or 95.5% of JATT’s issued and outstanding ordinary shares, were present at today’s special meeting. The business combination was overwhelmingly approved as holders of 4,903,764 ordinary shares, or 99.9% of...
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GX Acquisition Corp. II (OTC:GXII) announced this morning that its shareholders have approved its combination with rare earth mineral miner NioCorp (TSX:NB) and the parties expect to close the transaction on March 17. The SPAC showed in an earlier 8-K filing that it saw about 95% of shares redeemed at the March 15 shareholder vote,...