Frontier Investment Corp. (NASDAQ: FICV) announced this afternoon that its chairman has decided to adjourn its special meeting, originally scheduled to be held on June 16, until June 22.
As a result of the postponement, the redemption deadline will also be extended until June 20.
Frontier Investment Corp. currently has until July 6, 2023, to complete a business combination, but is hoping to gain shareholder approval at its upcoming meeting to extend its timeline by a year until July 6, 2024.
Shareholders will also vote on proposals to remove the net tangible asset requirement and to provide the right of a holder of the company’s Class B ordinary shares to convert into Class A ordinary shares on a one-for-one basis at any time. If the net tangible asset requirement proposal is not approved, then the SPAC will not proceed with the extension.
Frontier priced its $200 million IPO in July 2021. It still has not found a target to combine with, but aims to identify a business that has operations in the technology, digital media, e-commerce, financial technology, or digital services sectors, across the high growth markets of the Middle East North Africa & Turkey, Sub-Saharan Africa, South Asia, and Southeast Asia. Frontier is led by CEO and Chairman Asar Mashkoor, and CFO Arif Mansuri.
Welsbach Technology Metals Acquisition Corp. (WTMA) to Discuss Non-Redemption Agreements Welsbach Technology Metals Acquisition Corp. (NASDAQ:WTMA) announced in an 8-K today that it intends to discuss signing non-redemption agreements of unspecified size with investors ahead of its September 28 extension vote. Any takers on the offer would receive additional shares in the company’s combination target...
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Mercato Partners (NASDAQ:MPRA) announced in an 8-K this morning that it has added an $11.1 million PIPE at $10 per share to its combination with Brazilian software firm Nuvini. The PIPE investors remain unnamed for now, but this move would cover the combination’s $10 million minimum cash condition. That eliminates some uncertainty as Mercato approaches...
Terms Tracker for the Week Ending September 22, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. SPACs finally saw two new S-1 filings this week, the first to file since August 24th. Hainan Sirius Acquisition Corp. filed first on Thursday and...