AHPA will now have until February 15, 2019 to complete their transaction
Avista Healthcare Public Acquisition Corp. released the results of their shareholder vote to extend their completion deadline to February 15, 2019 today, and the good news for AHPA is, they now have additional time to complete their business combination. However, as expected, the entire Trust has been redeemed. 30,798,019 shares exercised their right to redeem for cash at a redemption price of approximately $10.20 per share, for an aggregate redemption amount of approximately $314,258,591. Per their most recent 10-Q, there was $314,820,605 held in trust. So, less taxes, etc….the entire trust was wiped out. There may have been a share or two that didn’t redeem, but does that really matter?
However, look at the table below…
| FOR | AGAINST | ABSTENTIONS |
| 30,179,230 | 3,302,225 | 2,438,000 |
3.3 million shares voted against and 2.4 million abstained. That’s approximately $57 million worth of shares that decided to say, “You know what, I’m not happy.” Does it make a difference to AHPA? No, but it was probably an easier box to check off than “yes”.
Regardless, AHPA gets to complete their deal and the rest of the SPACs out there grind on. But investors have long memories…Next one ain’t gonna come cheap.
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