VMG Consumer Acquisition Corp. (Nasdaq:VMGA) announced this afternoon that it has decided to cancel its extension vote tomorrow and will instead liquidate its trust.
At the meeting, the SPAC intended to seek shareholder approval of a proposal to extend its timeline from May 15 to November 15. It now plans to redeem all of its outstanding shares of Class A common stock at a redemption price of approximately $10.40.
As of the close of business on May 15, the shares will be deemed cancelled and will represent only the right to receive the redemption amount.
VMG announced the pricing of its $200 million IPO in November 2021. The SPAC had a timeline of 18 months to find a target to combine with, but was unable to do so within that timeframe. It originally set out to identify and complete a transaction with a high-growth consumer and retail company.
VMG is led by CEO Aarti Kapoor, CFO and Secretary Angad S. Hira, and Chairman of the Board of Directors Michael Mauze.
Tracking SPACs and all of their various types of “corporate actions” can be challenging. After all, a SPAC can postpone, adjourn, extend, complete, liquidate early, do a tender offer, and in some cases, one SPAC do all of those actions within its lifespan. Naturally, this can be challenging to manage. More importantly, it can very...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Byju skips payment on dollar loan and HNR affirms intent to purchase equity interests of Pogo Resources High-Flying Indian Startup Byju’s Skips Payment on Dollar Loan One of India’s best-known startups has skipped payment...
Avalon Acquisition Inc. (NASDAQ:AVAC) announced in an 8-K this morning that it has entered into a prepaid forward purchase agreement with RiverNorth SPAC Arbitrage Fund, the purchaser, as it works to close its combination with financial services firm The Beneficient Company, or Ben. As part of the agreement, RiverNorth agreed to effect certain purchases of shares...
Blue Ocean (NASDAQ:BOCN) has entered into a definitive agreement to combine with digital media company TNL Mediagene at a pre-money enterprise value of $275 million. TNL Mediagene holds the Japanese licenses for a number digital media properties as well as Taipei-based The News Lens. The combined company Is expected to trade on the Nasdaq once...
Priveterra Acquisition Corp. (NASDAQ:PMGM) announced in an 8-K this morning that it plans to adjourn its special meeting to approve its combination with AEON Biopharma from noon today to the same time June 9. The SPAC plans to use this time to further engage with its shareholders as the ballot includes a variety of additional...