Global Consumer (NASDAQ:GACQ) disclosed this afternoon that its shareholders approved its combination with air care companies GP Global and Luminex at a special meeting held on November 10.
The business combination was overwhelmingly approved as 18,909,414 votes were cast in favor of the deal and 1,730,425 votes against it. There were 20,639,840 shares of common stock present at last week’s special meeting.
As of November 8, Global Consumer received requests to redeem 18,133,785 shares of common stock. With a redemption rate of 99.292%, Global Consumer marks a challenging vote, but the company intends to report any redemption reversals.
The parties have not yet provided a timeline for the closing of the deal, but it is expected to close shortly. Following the closing, the combined company is expected to trade on the Nasdaq under the name Ascense Brands and the ticker symbol “SCNT.”
Global Consumer initially announced its $507.1 million deal with GP Global and Luminex on December 13, 2021. The two companies are expected to consolidate their brands Candle-Lite, Manly Indulgence, Colonial Candle, and PartyLite under a new brand umbrella called Ascense.
ADVISORS
- Jones Day is serving as legal counsel for Luminex.
- KPPB Law is serving as legal counsel for GP Global.
- Loeb & Loeb LLP is serving as legal counsel to Global Consumer Acquisition Corp.
- ARC Group Limited is serving as the financial advisor to Global Consumer Acquisition Corp.
- Duff & Phelps Securities, LLC is serving as the financial advisor to Luminex.
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