Athena Consumer Acquisition Corp. (ACAQ) to Adjourn Vote for Completion, Warrant Exchange
by Nicholas Alan Clayton on 2023-09-15 at 4:48pm

Athena Consumer Acquisition Corp. (NYSE: ACAQ) announced that it intends to adjourn its September 21 special meeting to approve its combination with German EV-maker e.GO without conducting business and will reconvene it at 1:30 pm ET September 28.

The SPAC is not only counting on shareholders to approve the deal and certain governance matters. Its warrant holders are also to vote at at the special meeting on the portion of the business combination proposal that would convert all outstanding warrants to 0.175 shares in the combined company with remaining fractions rounded down.

With the meeting date moved, Athena Consumer’s redemption deadline has also been pushed to September 26. But, the SPAC has already seen about 95.8% of shares redeemed leaving about $10.8 million remaining in its trust.

Athena Consumer must provide at least $50 million in proceeds under the deal’s minimum cash condition and it has added a $15 million bridge loan and a standby equity purchase agreement that could see up to 15,000,000 shares purchased by Vellar Opportunity Fund or up to 9.9% of all shares.

e.GO also received $46.7 million in net proceeds from a notes issuance connected to the deal, with the opportunity to issue up to $25 million more. All notes bear a fixed 9.75% interest rate and mature on June 30, 2027.

In July and August, the parties also modified the deal to include the warrant exchange and tweak the earnout such that company shareholders will receive 10,000,000 additional shares in all cases after a one-year lock-up.

Athena announced its $913 million merger with e.GO in July 2022. Aachen, Germany-based e.GO designs and manufactures compact EVs designed for urban markets at microfactories, which it believes will provide a more capital efficient entry to the market.

 

Recent Posts
by Nicholas Alan Clayton on 2023-09-27 at 9:02am

Integrated Wellness (NYSE:WEL) announced this morning that it has nixed its combination with vending machine operator Refreshing USA due to conditions of the combination remaining unfulfilled. The SPAC did not elaborate on what conditions those were, but the two sides have been past their initial outside date since July 31. Integrated Wellness still plans to...

by Nicholas Alan Clayton on 2023-09-26 at 5:45pm

Berenson Acquisition Corp. I (BACA) Signs Non-Redemption Agreements Berenson (NASDAQ:WTMA) announced in an 8-K this morning that it has entered non-redemption agreements with third parties that will secure 655,715 shares from redemption. The filing did not note what incentive, if any, these investors received for agreeing not to redeem. The move comes as Berenson is...

by Kristi Marvin on 2023-09-26 at 5:41pm

Crixus BH3 Acquisition Company (NASDAQ: BHAC) announced in a filing this afternoon that it is postponing its extension vote to Friday, October 6, 2023 at 9:00 a.m ET. The meeting was originally to be held Friday, September 29, but presumably it has been moved to account for amendments to its proxy which was filed today...

by Nicholas Alan Clayton on 2023-09-26 at 3:54pm

Welsbach Technology Metals Acquisition Corp. (NASDAQ: WTMA) announced in an 8-K this afternoon that it is postponing its extension vote one day to 2 pm ET September 29. The SPAC would not be able to postpone it much further as its current transaction deadline falls on a Saturday the next day, September 30. At the...

by Nicholas Alan Clayton on 2023-09-26 at 2:26pm

Global Lights Acquisition Corp. (NASDAQ:GLAC) rolled out an S-1 on Friday, to become the 21st SPAC to file in 2023. This keeps the recent pace with two new SPACs filing to list in each of the past three months so far. Three out of the last four of those have also sought to raise $60...

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved