M3-Brigade Acquisition Corp. II (NYSE:MBAC) announced this afternoon that it has entered into a non-redemption agreement with one or more unaffiliated third parties pursuant to which the third parties have agreed not to redeem an aggregate of 400,000 shares of the company’s Class A common stock at its upcoming extension meeting.
In exchange for the foregoing commitments not to redeem the shares, the sponsor has agreed to transfer an aggregate of 100,000 shares of the Company’s Class B common stock to the third parties immediately following the completion of an initial business combination.
M3-Brigade II intends to hold its extension meeting on March 7 and hopes to gain shareholder approval to extend its deadline from March 8 to December 8. Additionally, the sponsor intends to enter into additional non-redemption agreements prior to the meeting.
In the event that the extension is approved, funds in the SPAC’s trust, including any interest earned, will not be used to pay for any excise tax liabilities with respect to any redemptions.
M3-Brigade II noted in the filed 8-K that today’s non-redemption agreements are not expected to increase the likelihood that the extension is approved, but it is expected to increase the amount of funds that remain in MBAC’s trust account following the meeting.
M3-Brigade II announced the pricing of its $400 million IPO in March 2021. It initially agreed to combine with Syniverse in a $2.8 billion deal in August 2021, but later terminated the deal in February 2022 citing market conditions and noting that redemptions would have made it unable to meet the deal’s minimum cash condition.
Exciting new things are coming for SPACInsider subscribers, and some have already arrived! This summer, SPACInsider is unveiling the SPACInsider Alerts App on iOS with an Android launch soon to follow. The app allows subscribers to stay ahead of the SPAC market with real-time, customizable filing alerts with instant notifications landing the moment that a...
At the SPAC of Dawn Futures are largely green with the CPI reading coming up, and several SPACs and de-SPACs have cause to feel bullish regardless of what the reading states. Pharma and beauty company Longevity Health (NASDAQ:XAGE) announced it will acquire plasma collection firm True Health ahead of market open in news that has...
Silver Pegasus Acquisition Corp. (NASDAQ:SPEGU) announced the pricing of its $100 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “SPEGU”, Tuesday, July 15, 2025. The new SPAC plans to search within the technology sector, with a focus on semiconductors and systems solutions. Silver Pegasus Acquisition Corp.’s management...
Cayson Acquisition Corp. (NASDAQ:CAPN) has entered into a definitive agreement to combine with boutique investment firm Mango Financial for $300 million in equity consideration. Hong Kong-based Mango provides a range of M&A and equity capital markets advisory services to clients considering listings in China and the US. The combined company is expected to trade on...
Trailblazer (NASDAQ:BLZRU) has filed for a $200 million SPAC to bring a first-time team to market with serial sponsor terms. The new SPAC is offering investors a 1/3 warrant in each unit and it is the first SPAC filed so far this month with 24 months on its initial transaction clock. All other July SPACs...