Evergreen (NASDAQ:EVGR) announced this morning that it was canceling a special meeting to be held 11 am ET today to extend its deadline and will instead use its ability to automatically extend this date by three months.
This moves the SPAC’s transaction deadline from today to August 11 and it will deposit $1.15 million into its trust in exchange. Shareholders that sought to redeem their shares will have them returned for now.
In the short term, this is actually a better deal for shareholders. Evergreen’s extension proposal on the ballot would have allowed it to extend its deadline by up to 12 months in one-month increments in exchange for contributions of the lesser of $160,000 or $0.055 per share per month.
Instead, this three-month extension move that was written into its initial prospectus, equates to contributions of $383,333 per month, or $0.10 per share. This is the last auto-extension that Evergreen has in its pocket, however, so it will likely have to go back to investors for more time in August.
Evergreen raised $116.7 million in its February 2022 IPO and has not yet announced a business combination with a target company. It initially sought to combine with a Southeast Asian company valued at $100 million to $500 million in AI, fintech or other sectors within the changing digital economy.
At the SPAC of Dawn As a rough week in the market comes to a close, at least one de-SPAC has some cause to show off. Many fashion brands were among the hard hit in recent days and not simply for macro reasons. Luis Vuitton-owner LVMH (PA:MC) dropped this week after an earnings miss led...
Shepherd Ave Capital Acquisition Corp. (Nasdaq: SPHAU) is the latest SPAC to file to IPO, making 24 new registration statements that have filed since June 1, 2024. So far, only two of those 24 have gone public, but it does indicate an active August. In SPACLand at least, August is never slow. As for Shepherd...
At the SPAC of Dawn SPACs have now priced 20 IPOs seven months into 2024 with an eye on beating 2023’s total of 31 IPOs. With a little more than 5 months left in the year, it’s expected that SPACs should at least match that number by only needing to price roughly two IPOs per...
DT Cloud Star announced the pricing of its $60 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “DTSQU”, Thursday, July 25, 2024. The new SPAC aims to combine with an established business with long-term financial visibility, but has not limited itself to a particular industry or sector....
Launch Two (NASDAQ:LPBBU) has filed for a $200 million IPO that shows how the market has shifted for new issuance since its sister SPAC Launch One (NASDAQ:LPAAU) filed just over a month ago. Both SPACs are underwritten by Cantor Fitzgerald and seeking nominally the same raise at IPO, but Launch Two is overfunding its trust...