First Light (NYSE:FLAG) has adjourned its special meeting held today to September 13, at 10:00 a.m. EST, without finalizing its shareholder vote.
Today’s special meeting was being held to consider the proposal of amending and extending FLAG’s transaction deadline by which it must complete its initial business combination. The SPAC, however, did not give further details as to why the meeting was adjourned.
FLAG’s current deadline is September 14, but, the SPAC, which is a 12 month IPO, currently has two allowed auto extensions of 3-months each by contributing $0.10 each time. The adjourned extension vote is seeking to change that to four 3-month extensions instead with a contribution of 1% of the amount held in the trust account at each 3-month extension.
FLAG announced the pricing of its $200 million IPO in September 2021 and intends to partner with a business that has proprietary technologies and market-disruptive applications with multiple use-cases, including commercial and/or defense markets.
The new meeting will now be held on Tuesday, September 13, 2022 at 10:00 a.m. EST.
After a quiet June, July is set to be active throughout the month with nine de-SPACs and sponsors coming unlocked from their trading restrictions. This timing is most fortuitous for insurance investor Abacus Life (NASDAQ:ABL) and East Resources, which took it public in 2023, as it is the best performer of this group of companies...
Pyrophyte II (NYSE:PAII.U) has filed for a $175 million SPAC to dig for a natural resources target while the team’s first deal remains pending. The new SPAC is offering investors 1/2 warrants in each unit and it will have 24 months to complete a business combination without asking shareholders for an extension. It is the...
At the SPAC of Dawn The last day of the quarter is to play host to a pair of shareholder votes and a possible pricing of Indigo‘s (NASDAQ:INACU) $100 million IPO. This week is also to play host to fresh jobs numbers just before the long July 4 weekend. Black Hawk (NASDAQ:BKHA) was also one...
Terms Tracker for the Week Ending June 27, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. June continued its late-month rally with another five SPAC IPOs pricing this week, bringing the monthly total to 10 and the 2025 year-to-date count to...
Blueport (NASDAQ:BPACU) has filed for a $69 million SPAC that would bring another first-time sponsor team to market. The new SPAC is offering investors a right to a 1/6 share in each unit and it will have 15 months to complete a business combination. It is underwritten by Alliance Global Partners and will not be...