Latest Non-Redemption Agreements: Banyan Acquisition Corporation, Cactus Corp. 1 Limited
Banyan Acquisition Corp. (BYN) Adds Non-Redemption Agreement
On April 12, 2023, Banyan Acquisition Corporation (NYSE:BYN) entered into non-redemption agreements with unaffiliated third parties, pursuant to which such third parties have agreed not to redeem an aggregate of 2,240,400 shares of Class A common stock of the company.
Pursuant to such Non-Redemption Agreements, the sponsor has agreed to transfer an aggregate of 560,100 shares of Class B common stock of the company to such third parties.
In connection with the extension meeting and including the agreements disclosed above, the company and sponsor have entered into agreements with unaffiliated third parties, pursuant to which such third parties have agreed not to redeem an aggregate of 4,000,000 Non-Redeemed Shares. Pursuant to the agreements, the sponsor has agreed to transfer an aggregate of 1,000,000 Founder Shares to such third parties.
READCactus Acquisition Corp. 1 Limited (CCTS) Adds Non-Redemption Agreement
In connection with Cactus Corp. 1’s (NASDAQ:CCTS) meeting, the company and its sponsor, Cactus Healthcare Management LP, entered into non-redemption agreements with several unaffiliated third parties.
Pursuant to the agreements, the non-redeeming shareholders agreed not to redeem an aggregate of 2,000,000 Class A ordinary shares of the company related to the shareholder vote. In exchange for the foregoing commitments not to redeem the shares, the sponsor agreed to transfer an aggregate of 100,000 Class B ordinary shares to the shareholders immediately following, and subject to, consummation of an initial business combination.
The number of Class B ordinary shares transferable by the sponsor to the shareholders is subject to potential increase if the number of Class A ordinary shares that are not redeemed in connection with the meeting exceeds 2,000,000; however, the total number of Class B ordinary shares that may be transferred to the shareholders, in the aggregate, will not exceed 250,000.
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