Forest Road II (NYSE:FRXB) announced in an 8-K filing this morning that it has signed a non-redemption agreement with one more investors, securing 1,000,000 shares through an upcoming extension vote.
In exchange for not redeeming these shares, the investor is to receive 250,000 promote shares (2.8%) and Forest Road II’s sponsor may enact similar agreements with other investors, according to the filing.
The SPAC is heading into a special meeting at 10 am ET March 3 where shareholders are to vote on whether to extend its transaction deadline from March 12 to December 12. Forest Road II’s sponsor has not yet offered a contribution to the SPAC’s trust in connection with the extension and the current redemption rate is approximately $10.13 per share.
The vote comes on the heels of Forest Road II terminating its combination with transportation technology developer HyperloopTT on February 3 citing market conditions.
Forest Road II initially raised a total of $350 million in its March 2021 IPO after the team’s first vehicle announced its combination with fitness media and products company Beachbody (NYSE:BODY).
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...