7GC & Co. Holdings Inc. (NASDAQ:VII) announced this afternoon that it has postponed tomorrow’s extension vote to 3:00 p.m. E.T. on December 21.
In connection with the change, the company has further extended the deadline for holders of the Company’s Class A common stock to submit their shares for redemption in connection with the extension to 5:00 p.m. E.T. on December 20. Stockholders who wish to withdraw their previously submitted redemption request may do so prior to the meeting.
Additionally, in an effort to mitigate uncertainty surrounding the implementation of the Inflation Reduction Act, VII’s sponsor will reimburse the company against any excise tax liabilities with respect to any future redemptions that occur after December 31, 2022 and prior to or in connection with a business combination or liquidation.
If VII obtains stockholder approval for its extension, it will maintain the remaining amount in its trust account in an interest-bearing demand deposit account at a bank. The sponsor has agreed to deposit the lesser of an aggregate of $900,000 or $0.18 per share that remains outstanding and is not redeemed in connection with the extension plus the lesser of an aggregate of $300,000 or $0.06 per share that remains outstanding and is not redeemed for each of the three subsequent calendar months starting on March 29, 2023.
Earlier this month, VII entered into a definitive agreement to combine with video engagement platform Banzai at an enterprise value of $380 million. Bainbridge Island, Washington-based Banzai provides a suite of virtual event management and analytical tools through a software-as-a-surface (SaaS) model.
Aimfinity Investment Corp. I (NASDAQ:AIMA) announced this afternoon that its sponsor entered into a repurchase agreement with previous directors and officers of the company and will undergo a change in management. On March 16, Aimfinity’s sponsor initiated a distribution of 300,000 founder shares and 492,000 private placement units to its existing members and entered into a repurchase...
AI Transportation Acquisition Corp. (NASDAQ:AITR) filed its S-1 last Wednesday afternoon for a $50 million IPO, marking the first SPAC to file for an IPO in March. While the new company may pursue a target in any industry, it intends to focus its search in the transportation field, including but not limited to logistics, new energy...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Virgin Orbit plans for insolvency amid rescue talks with investors, WeWork reaches deal to cut debt, and Pear Therapeutics explores “strategic alternatives” Virgin Orbit plans for insolvency amid rescue talks with investors Sky News...
Home Plate (NASDAQ:HPLT) has entered into a definitive agreement to combine with shipping company Heidmar at an anticipated enterprise value of $214.4 million, or 7.2x its 2023E EBITDA. Athens-based Heidmar operates an asset-light shipbroking network providing access to a pool of 60 fuel tanker and dry bulk ships. The combined company is expected to trade...
two (NYSE:PIAI) announced in an 8-K this morning that it has pushed back its special meeting one week from March 24 to 10 am ET, March 31. Shareholders at the meeting will consider a proposal to extend its transaction deadline from April 1 to January 1, 2024. The SPAC’s sponsor has not yet offered to...