Tailwind International (NYSE:TWNI) announced in an 8-K filing this morning that it has signed a non-redemption agreement with several unaffiliated third parties in connection to its extension meeting.
Under the non-redemption agreement, the third parties agreed to not redeem an aggregate of 1,900,000 Class A ordinary shares of TWNI. In exchange for the foregoing commitments not to redeem the shares, Tailwind’s sponsor agreed to transfer an aggregate of 475,000 Class B ordinary shares to the third parties immediately following the completion of an initial business combination if they held the shares through the extension meeting.
Today’s non-redemption agreements increased the amount of funds that remain in the trust following yesterday’s meeting where Tailwind hopes to extend its timeline from February 23 to August 23.
Although the SPAC did not release results from the meeting, it did provide a teaser that 32,495,189 shares, or 94.2% of the trust, were tendered for redemption. Following such redemptions, if not withdrawn, Tailwind will have 2,004,811 ordinary shares outstanding.
The SPAC announced the pricing of its upsized $300 million IPO in February 2021. It has not found a target to combine with just yet, but aims to find a technology-enabled business abroad, with a particular focus on European targets.
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