Genesis Unicorn Capital Corp. (GENQ) Shareholders Approve ESGL Deal
by Marlena Haddad on 2023-07-26 at 6:07pm

Genesis Unicorn Capital Corp. (NASDAQ: GENQ) announced this afternoon that its shareholders approved its combination with sustainable waste solutions provider ESGL Holdings at a special meeting held earlier today.

At the meeting, a total of 6,542,842 shares of common stock were present, representing approximately 81.54% of the issued and outstanding shares of common stock. Shareholders approved all proposals listed on the ballot including the Reincorporation Merger Proposal, the Acquisition Merger Proposal, the Nasdaq Proposal and the Governance Proposals.

In connection with today’s meeting, Genesis Unicorn Capital disclosed that 5,377,344 shares were tendered for redemption. But, the SPAC saw 99.19% of its trust redeemed in total, accounting for today’s redemptions as well as the 3,177,941 shares redeemed during an extension meeting held in February. It originally raised $87.5 million in gross proceeds from its IPO in February 2022, but is now left with approximately $747,000 in its trust post-vote.

While the SPAC did not specify an exact closing date, it mentioned its intention to finalize the deal as promptly as possible and will continue to accept a reversal of redemption requests until then. Upon closing, the combined company will be named ESGL Holdings Limited and will be listed on the Nasdaq under the ticker “ESGL”.

Genesis Unicorn Capital Corp. inked its $161 million deal with ESGL in November 2022. ESG Limited is a circular economy solutions pioneer in Singapore. ESG restores and regenerates industrial waste into sustainable circular products, in partnership with companies to achieve their sustainability goals.



Recent Posts
by Marlena Haddad on 2023-12-08 at 1:59pm

Mobiv Acquisition Corp. (NASDAQ:MOBV) announced this afternoon that it has closed its combination with EV motorcycle-maker SRIVARU. Shareholders originally approved the deal at a special meeting held back on September 28, but at that time, the parties expected the transaction to take just a week to close. Redemptions whittled Mobiv’s IPO share pool of 10,005,000 down...

by Nicholas Alan Clayton on 2023-12-08 at 11:12am

Achari Ventures I (NASDAQ:AVHI) has entered into a definitive agreement to combine with medtech firm Vaso Corporation at an equity value of $176 million, or 19.5x its 2022 adjusted EBITDA. Wuxi, China-based Vaso provides IT services and sales support to medical device manufacturers. The combined company is expected to trade on the Nasdaq under the...

by Marlena Haddad on 2023-12-08 at 10:27am

EF Hutton Acquisition Corp. I (NASDAQ:EFHT) announced this morning that its shareholders have approved its business combination with E.C.D. Auto Design. At the meeting, there were 5,089,203 shares of common stock, representing approximately 76.82% of the issued and outstanding shares of common stock, present. In connection with the meeting, the company’s stockholders holding 3,470,945 shares,...

by Marlena Haddad on 2023-12-08 at 9:42am

Legato Merger Corp. III (NYSE:LEGT) filed for a $175 million IPO yesterday afternoon, becoming the fourth SPAC to file this week. While the other three SPACs that filed their S-1s earlier this week intend to pursue targets in the financial services and biotech industries, Legato III, similar to the earlier Legato SPACs, will focus on...

by Nicholas Alan Clayton on 2023-12-08 at 7:48am

At the SPAC of Dawn This week ends with an unusually busy earnings calendar as 172 US-listed companies report quarterly figures today. Among them is Exela Technologies (NASDSAQ:XELA), which completed a combination with Quinpario 2 in 2017. The billing software company has gone on to do another SPAC deal on November 29, this time spinning...


Copyright © 2023 SPACInsider, Inc. All Rights Reserved