Latest Non-Redemption Agreements: Quantum FinTech and Byte
Quantum FinTech Acquisition Corp. (QFTA) Adds Non-Redemption Agreement
On August 1, Quantum FinTech Acquisition Corporation (NYSE:QFTA) and its sponsored entered into a non-redemption agreement with Funicular Funds, LP in exchange for the holder agreeing either not to request redemption in connection with the extension with respect to an aggregate of 2,351,800 shares of common stock.
In consideration of the foregoing agreement, immediately prior to, and substantially concurrently with, the closing of an initial business combination, the sponsor will surrender and forfeit to the company for no consideration an aggregate of 235,180 shares of common stock and an aggregate of 235,180 warrants to purchase 235,180 shares of common stock and the company shall issue to the holder a number shares of common stock equal to the number of forfeited shares and a number of warrants to purchase shares of common stock equal to the number of forfeited warrants.
READByte Acquisition Corp. (BYTS) Adds Non-Redemption Agreement
As previously disclosed, on June 27, BYTE Acquisition Corp. (NASDAQ:BYTS) entered into a merger agreement with Airship AI Holdings, Inc.
Pursuant to the merger agreement, BYTS agreed to enter into non-redemption agreements with certain investors pursuant to which such investors will commit to hold or acquire, as applicable, and not to redeem an aggregate of $7 million of BYTS Class A Ordinary Shares.
On August 1, BYTS entered into a non-redemption agreement with Byte Holdings LP, and its sponsor. Pursuant to the Non-Redemption Agreement, the sponsor agreed to acquire from shareholders of BYTS $6 million in aggregate value of Class A ordinary shares of BYTS, either in the open market or through privately negotiated transactions, at a price no higher than the redemption price per share payable to public shareholders who exercise redemption rights with respect to their shares, prior to the closing date of the business combination, to waive its redemption rights and hold the shares through the closing date of the merger, and to abstain from voting and not vote the shares in favor of or against the deal.
As consideration for the Non-Redemption Agreement, BYTS agreed to pay the sponsor $0.033 per share per month, which will begin accruing on the date that is three days after the date of the Non-Redemption Agreement and terminate on the earlier of the closing date of the deal, the termination of the merger, or the outside closing date.
Additionally, on August 1, BYTS entered into a Non-Redemption Agreement with an existing shareholder holding shares, pursuant to which the Non-Redeeming Shareholder agreed not to redeem $1 million in aggregate value of shares held by it on the date of the Non-Redemption Agreement in connection with the merger.
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Terms Tracker for the Week Ending September 29, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. As September comes to a close, SPACs did not price any IPOs during the month with the most recent IPO (99 Acquisition Group) having priced...
Athena Consumer Acquisition Corp. (NYSE:ACAQ) announced this afternoon that its stockholders approved its combination with German EV-maker e.GO at a special meeting held earlier today. Additionally, Athena Consumer’s warrant proposal to convert all outstanding warrants to 0.175 shares in the combined company was also approved. A total of 884,880 shares of Athena Class A Common...
October is set to be a quiet month for lock-up expirations with only four de-SPACs and four sponsors now open to trade their shares for the first time. The first customer is Bitdeer Technologies. Its shareholders and the Blue Safari sponsor both stand to gain the most out of this group from moving some of...
Graf Acquisition Corp. IV (NYSE:GFOR) announced in an 8-K this afternoon that its shareholders approved its combination with NKGen Biotech at a special meeting September 25. A total of 3,386,528 shares were redeemed in connection with the vote, leaving Graf IV with about $27.6 million in the tank and a final redemption rate of 84.3%....
Anzu Special Acquisition Corp I (NASDAQ:ANZU) has closed its combination with Envoy Medical and its shares and warrants are to begin trading on the Nasdaq under the symbols “COCH” and “COCHW” on October 2. The SPAC secured shareholder approval on September 27 and still has not divulged redemption figures. But, it went into the vote...