SPACInsider Logo
Sandbridge X2 Corp. (SBII.U) Files to Liquidate Early by Vote
by Marlena Haddad on 2022-10-21 at 5:07pm

Sandbridge X2 Corp. (NYSE: SBII.U) filed a proxy this afternoon to seek shareholder approval to liquidate early.

The SPAC’s board has determined that it is very unlikely that Sandbridge X2 will be able to complete a business combination before its completion deadline of March 12, 2023. As a result, SBII hopes shareholders will approve its amended charter proposal to change the termination date to December 15, 2022.

If the amendment is approved, Sandbridge X2 will cease all operations immediately after the shareholder meeting and promptly complete voluntary redemptions. The SPAC will then voluntarily delist the Class A Ordinary Shares from the New York Stock Exchange as soon as practicable after completion of the post-amendment share redemption.

Sandbridge’s board has fixed the close of business on October 31 as the record date for determining shareholders entitled to receive notice of, and vote at, the shareholder meeting and any adjournment thereof.

This marks the thirteenth such SPAC to hold a shareholder vote to move up their completion deadline to liquidate early, but given turbulent market conditions, it is anticipated that other SPACs will follow suit. Sandbridge X2 announced the pricing of its upsized $220 million IPO in March 2021 with the intention of combining with a consumer target driving the adoption of digital products and services.

 

 

Recent Posts
by Sam Beattie on 2022-12-02 at 7:10pm

Terms Tracker for the Week Ending December 2nd, 2022 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. As we slide into December, and the holiday season, we recognized two new S-1 registration statements and zero IPOs. The two new S-1s consisted of...

by Marlena Haddad on 2022-12-02 at 5:38pm

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC Liquidations: NightDragon, VectoIQ II, and Fortistar Sustainable Solutions Corp. Night Dragon Acquisition Corp. Will Redeem Its Public Shares and Will Not Consummate an Initial Business Combination NightDragon Acquisition Corp. (NASDAQ: NDAC) anticipates that the last trading day...

by Marlena Haddad on 2022-12-02 at 4:38pm

Lakeshore Acquisition I Corp. (NASDAQ:LAAA) disclosed this afternoon that its shareholders have approved its business combination with medical device company ProSomnus during a special meeting held earlier today. Approximately 92.4% of the votes cast at the meeting on the business combination proposal, representing approximately 80.5% of Lakeshore’s outstanding shares, voted to approve the deal. The SPAC disclosed...

by Marlena Haddad on 2022-12-02 at 11:38am

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News: Embark director Elaine Chao and others sued over SPAC merger, Alvotech switches CEO and takes COO from Teva, and Uber Freight and Aurora expand pilot  Embark Director Elaine Chao, Others Sued Over SPAC...

by Nicholas Alan Clayton on 2022-12-02 at 7:51am

SPACInsider contributors Anthony Sozzi and Sam Beattie this week compiled their three favorite potential SPAC targets among potential targets in the security industry. We look at why they are compelling and why each could be a fit for a blank-check merger. Security is on the market’s mind and is expected to grow at a CAGR...

Privacy Policy|Terms Of Use
Copyright © 2022 SPACInsider, Inc. All Rights Reserved