PMV Consumer (OTC PINK:PMVC) announced that it is redeeming all non-insider public shares for approximately $10.09 per share, but it will not be dissolving just yet.
The SPAC is set to provide written redemption notices to each shareholder and trust proceeds are to be distributed within 30 days of these notices. PMV Consumer will then remain listed on the OTC Pink Sheets with the 3,000,000 Class A shares owned by its sponsor.
Post-redemption, the SPAC plans to file a Form 15 to remove its filing requirements and “continue to pursue a wide range of business opportunities operating as a blank check shell company”, according to its press release.
Alternatively, a holder may elect to receive shares of Class C Common Stock issued on a one-for-one basis for the number of Class A Shares redeemed from such holder. Public shareholders that want to stick along for the ride may also elect to receive a pro rata share of 200,000 Class C shares. The pro rata share of the Class C Common Stock will be calculated by dividing the number of Class A Shares redeemed from a holder by the total number of Class A Shares redeemed from all holders of Class A Shares that elect the Stock Election.
These Class C shares will also remain unlisted and so will function as a sort of mini-promote held by public shareholders if and until PMV Consumer completes a business combination down the road.
And, unlike many SPACs now liquidating in the final weeks of the year, PMV Consumer does have some tread left on its tires. In September, it extended its transaction deadline until September 21, 2023.
Although 88% shares were redeemed in connection with the vote, shareholders also approved a measure allowing PMV Consumer to increase its authorized stock from 86,000,000 to 120,000,000, which may give it more flexibility as a pink sheets acquisition vehicle.
This is an interesting third option for SPACs facing down deadlines over the next few months. Albeit, less grandiose than Bill Ackman’s SPARC concept. But, this nonetheless could be an approach that teams could toy with as a means of extending a SPAC’s life with the ability to opt-out and opt-in shareholders.


Vendome Acquisition Corporation I (NASDAQ:VNMEU) announced the pricing of its $200 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “VNMEU”, Wednesday, July 2, 2025. The new SPAC plans to focus its search on target business in the consumer sector operating in North America, Southeast Asia, and Europe....
Origin Investment Corp. I (NASDAQ:ORIQU) announced the pricing of its $60 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “ORIQU”, Wednesday, July 2, 2025. The new SPAC aims to mount a broad search for a target with a strong management and both revenue and earnings growth potential....
1RT Acquisition Corp. (NASDAQ:ONCHU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “ONCHU”, Wednesday, July 2, 2025. The new SPAC plans to target company in the digital asset ecosystem involved in the creation, storage, exchange or management of such assets, whether...
D. Boral ARC Acquisition II Corp. (NASDAQ:ARBCU) has filed for a $250 million SPAC to give underwriter D. Boral a second in-house SPAC to pursue deals with. The new SPAC offers investors a 1/2 warrant and an initial 18-month time frame to complete a deal. D. Boral II’s sponsor may automatically extend this once by...
Ribbon (NASDAQ:RIBB) has entered into a definitive agreement to combine with Japanese biotech firm DRC Medicine at a pro forma equity value of $422 million. Tokyo-based DRC Medicine manufactures reusable anti-bacterial and anti-allergen wearables and aims to go deeper into the medical device and pharmaceutical space. Transaction Overview Ribbon is expected to provide $50.4 million...