Evergreen Corporation (EVGR) Cancels Vote, Will Auto-Extend
by Nicholas Alan Clayton on 2023-05-11 at 10:34am

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.

 

Recent Posts
by Nicholas Alan Clayton on 2024-05-20 at 12:49pm

Distoken (NASDAQ:DIST) has entered into a definitive agreement to combine with staffing firm Youlife International. Shanghai-based Youlife provides a staffing and recruitment platform aimed at training up applicants and getting them matched with vocational careers in China and the Asia-Pacific region. The combined company is expected to trade on the Nasdaq under the symbol “YOUL”...

by Nicholas Alan Clayton on 2024-05-20 at 7:46am

At the SPAC of Dawn This week’s SPAC action is set to be front-loaded as far as votes are concerned with four extension votes today and tomorrow. Genesis Growth Tech (OTC:GGAAF) shareholders will also vote to complete its combination with Mind Maze Tuesday. Genesis Growth last closed at $12.50 – a $0.58 discount to its...

by Kristi Marvin on 2024-05-18 at 11:45am

Terms Tracker for the Week Ending May 17, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. SPACs managed to price their third IPO in the month of May this week with RF Acquisition Corp. II‘s $100 million offering. RF II’s IPO...

by Nicholas Alan Clayton on 2024-05-17 at 8:08am

At the SPAC of Dawn While AST Spacemobile (NASDAQ:ASTS) had the SPAC market’s biggest leap yesterday, among de-SPACs that are trading above $10, it was oil and gas firm Sable Offshore (NYSE:SOC) that had the best outing. It finished up +14% and is gaining a further +2% in the pre-market to $14.30 this morning. This...

by Kristi Marvin on 2024-05-17 at 6:30am

RF Acquisition Corp. II (NASDAQ:RFAIU) announced the pricing of its $100 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “RFAIU”, Friday, May 17, 2024. The new SPAC intends to focus its target search on businesses in Asia within the deep technology sector, including artificial intelligence, quantum computing,...

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved