Portage Fintech Acquisition Corporation (PFTA) Postpones Extension Vote Following Sponsor Change
by Nicholas Alan Clayton on 2023-07-17 at 7:21am

Portage Fintech Acquisition Corporation (NASDAQ:PFTA) announced in a filing this morning that it has postponed its special shareholder meeting two days to 10 am ET July 21 from July 19.

Shareholders are to consider giving Portage Fintech a one-year transaction deadline extension, pushing the SPAC’s out to July 31, 2024 in exchange for no new contribution to its trust. Investors may also be still be getting acquainted with the SPAC’s new management team.

On July 11, Portage Fintech sold an undisclosed portion of its promote shares and private placement warrants to Perception Capital Partners and announced all of its existing officers would resign. Under Perception’s sponsorship, Portage Fintech will now be led by private equity veterans CEO Rick Gaenzle, CFO Corey Campbell and Co-Presidents Tao Tan and Jim Sheridan.

Gaenzle, Sheridan and Campbell serve in these same roles at Perception Capital II (NASDAQ:PCCT), which announced a $203 million combination in January with emissions-tracking hardware producer Spectaire. This group also includes Board ties to de-SPACs Innoviz (NASDAQ:INVZ) and The Metals Company (NASDAQ:TMC) in the lidar and rare earth mining spaces, respectively.

This augurs a likely shift in strategy away from Portage’s initial focus on combining with a wealth management or consumer payments firm to a new approach looking more tightly at ESG investments.

For now, Portage Fintech has about $268.9 million in its trust and it last closed at $10.39, just above its pro rata trust value of $10.38. Investors will now have until 5 pm ET, July 19 to decide if they prefer to redeem or hop on board with the new team.


Recent Posts
by Marlena Haddad on 2023-12-08 at 1:59pm

Mobiv Acquisition Corp. (NASDAQ:MOBV) announced this afternoon that it has closed its combination with EV motorcycle-maker SRIVARU. Shareholders originally approved the deal at a special meeting held back on September 28, but at that time, the parties expected the transaction to take just a week to close. Redemptions whittled Mobiv’s IPO share pool of 10,005,000 down...

by Nicholas Alan Clayton on 2023-12-08 at 11:12am

Achari Ventures I (NASDAQ:AVHI) has entered into a definitive agreement to combine with medtech firm Vaso Corporation at an equity value of $176 million, or 19.5x its 2022 adjusted EBITDA. Wuxi, China-based Vaso provides IT services and sales support to medical device manufacturers. The combined company is expected to trade on the Nasdaq under the...

by Marlena Haddad on 2023-12-08 at 10:27am

EF Hutton Acquisition Corp. I (NASDAQ:EFHT) announced this morning that its shareholders have approved its business combination with E.C.D. Auto Design. At the meeting, there were 5,089,203 shares of common stock, representing approximately 76.82% of the issued and outstanding shares of common stock, present. In connection with the meeting, the company’s stockholders holding 3,470,945 shares,...

by Marlena Haddad on 2023-12-08 at 9:42am

Legato Merger Corp. III (NYSE:LEGT) filed for a $175 million IPO yesterday afternoon, becoming the fourth SPAC to file this week. While the other three SPACs that filed their S-1s earlier this week intend to pursue targets in the financial services and biotech industries, Legato III, similar to the earlier Legato SPACs, will focus on...

by Nicholas Alan Clayton on 2023-12-08 at 7:48am

At the SPAC of Dawn This week ends with an unusually busy earnings calendar as 172 US-listed companies report quarterly figures today. Among them is Exela Technologies (NASDSAQ:XELA), which completed a combination with Quinpario 2 in 2017. The billing software company has gone on to do another SPAC deal on November 29, this time spinning...


Copyright © 2023 SPACInsider, Inc. All Rights Reserved