Crixus BH3 Acquisition Company (BHAC) Reverses Decision to Liquidate
by Marlena Haddad on 2023-09-06 at 5:48pm

After announcing its intent to liquidate on August 30, Crixus BH3 Acquisition Company (NASDAQ:BHAC) disclosed this afternoon that it has reversed its decision to dissolve its trust.

Crixus BH3’s board determined that it is in the best interest of the company and its stockholders to continue its pursuit of a target to combine with.

For the time being, the sponsor, Crixus BH3 Sponsor LLC, has extended the completion deadline to October 6 and deposited $175,440.72 into the trust account to fund any redemption of the offering shares.

As a result of the change in plans, the company will not redeem its offering shares and will proceed with its special meeting, which has been rescheduled to September 29. At the meeting, the SPAC is hoping to gain shareholder approval to extend the completion deadline from March 31, 2024, to July 31, 2024.

With a current termination date in October, this would provide the company with an additional nine months to find a target to combine with. Crixus BH3 originally set out to focus its efforts on businesses that manage, finance, operate, construct, control, own or support real estate. It raised a total of $232.3 million in gross proceeds from its IPO in October 2021, but is currently left with $52.9 million in its trust.

And, interestingly enough, Crixus BH3’s choice to reverse its liquidation comes on the heels of Atlantic Coastal Acquisition Corp.‘s (NASDAQ:ACAH) decision to do the same. ACAH, which announced last week that it intended to liquidate, opted to reverse that decision and will now hold an extension vote on September 8th.

Crixus BH3 is led by Co-CEO Daniel Lebensohn, Co-CEO and CFO Gregory Freedman, and COO Michelle Guber.

Recent Posts
by Kristi Marvin on 2023-09-23 at 11:45am

Terms Tracker for the Week Ending September 22, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. SPACs finally saw two new S-1 filings this week, the first to file since August 24th.  Hainan Sirius Acquisition Corp. filed first on Thursday and...

by Kristi Marvin on 2023-09-22 at 5:34pm

Latest SPAC Liquidations: LF Capital Acquisition Corp. II LF Capital Acquisition Corp. II (LFAC) to Liquidate on October 3, 2023 LF Capital Acquisition Corp. II (Nasdaq: LFAC), today announced that the directors of the Company have determined to dissolve and liquidate the Company. The redemption of the Public Shares is expected to be completed on...

by Kristi Marvin on 2023-09-22 at 5:32pm

Latest Non-Redemption Agreements: Yotta Acquisition Corp.,Live Oak Crestview Climate Acquisition Corp. Yotta Acquisition Corp. (YOTA) Adds Non-Redemption Agreements Yotta Acquisition Corp. (NASDAQ:YOTA) entered into non-redemption agreements with certain unaffiliated third parties in exchange for such third parties agreeing not to redeem an aggregate of 598,680 shares of the Company’s common stock. In exchange for the foregoing...

by Kristi Marvin on 2023-09-22 at 5:23pm

Twin Ridge (NYSE:TRCA) announced this afternoon that it plans to convene and then adjourn its extraordinary general meeting of its shareholders originally to be held on September 26  at 11:30 a.m., Eastern Time.  Twin Ridge intends to hold the new meeting at 11:30 a.m., Eastern Time, on October 3, 2023. Additional details were not given as to...

by Kristi Marvin on 2023-09-22 at 4:46pm

Social Leverage Acquisition Corp I (Nasdaq: SLAC) and W3BCLOUD Holdings Inc. announced this afternoon that they have mutually agreed to terminate their business combination agreement. The reasons cited were once again “due to existing market conditions”, which most likely implies the current capital market conditions as well as the fact that W3BCLOUD works within the...


Copyright © 2023 SPACInsider, Inc. All Rights Reserved