Avalon Acquisition Inc. (NASDAQ:AVAC) has secured shareholder approval for its combination with financial services firm Beneficient with about 87% of shares redeemed at the final vote.
The redemptions removed all but $27.9 million from Avalon’s trust, but the transaction did not include a minimum cash condition beyond the $5 million required for listing purposes. Avalon also added a $25 million forward-purchase agreement with RiverNorth SPAC Arbitrage Fund earlier this week, which was designed to scoop up some shares headed for redemption.
This led to the seventh-lowest redemption rate among the 33 SPACs that have made it through completion votes in 2023. Only $5 million of the FPA amount is to be distributed to Beneficient at close, however.
Beneficient shares and warrants are expected to begin trading on the Nasdaq today under the symbols “BENF” and “BENFW”, but the company’s Series A preferred stock is to remain unlisted.
The SPAC originally inked its $3.5 billion deal with Ben in September 2022. The Dallas-based company provides customers options to exit alternative investments early via structures designed for high-net-worth individuals and small institutions.
LatAmGrowth SPAC (NASDAQ:LATG) announced in an 8-K that it adjourned its special meeting yesterday to liquidate early and will reconvene it at 2 pm ET September 28. The proposals on its ballot would have initiated the process of winding down the SPAC and returning all trust capital to investors outside of $100,000 for dissolution expenses....
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