Plum I (NASDAQ:PLMI) announced in an 8-K this morning that it was reversing its decision to liquidate on June 18, and will instead hunt for a target for at least one more month, extending its deadline to July 18.
On June 15, the SPAC announced both terminating its previously announced combination with additive manufacturing battery company Sakuu and would head to liquidation rather than extend. But, according to its filing, on this same day it was approached and brought back from the brink by the opportunity to explore a new deal. The cost to extend one month will be a $160,000 contribution to trust.
It provided no other details on this deal, but Plum I, which was underwritten by Goldman Sachs (NYSE:GS) in its 2021 IPO, still has $53.4 million in its trust and can automatically extend monthly up to March 18, 2024. So, it has time on its side as well.
Terms Tracker for the Week Ending September 22, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. SPACs finally saw two new S-1 filings this week, the first to file since August 24th. Hainan Sirius Acquisition Corp. filed first on Thursday and...
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Twin Ridge (NYSE:TRCA) announced this afternoon that it plans to convene and then adjourn its extraordinary general meeting of its shareholders originally to be held on September 26 at 11:30 a.m., Eastern Time. Twin Ridge intends to hold the new meeting at 11:30 a.m., Eastern Time, on October 3, 2023. Additional details were not given as to...
Social Leverage Acquisition Corp I (Nasdaq: SLAC) and W3BCLOUD Holdings Inc. announced this afternoon that they have mutually agreed to terminate their business combination agreement. The reasons cited were once again “due to existing market conditions”, which most likely implies the current capital market conditions as well as the fact that W3BCLOUD works within the...