Silver Crest (NASDAQ:SLCR) disclosed in an 8-K this afternoon that it has revised its shares presented for redemption in connection with its combination with Tim Horton International (“THIL”)
Although Silver Crest held its special meeting to vote on its proposed merger on August 19, shareholders had until August 29 to reverse their redemption decisions. Additionally, Silver Crest and THIL agreed to extend the Termination Date to September 30, 2022, following the satisfaction or waiver of the conditions to closing.
At the time of the original meeting, nearly 99% of shareholders opted to redeem shares, but as of September 16, SLCR has reported that redemptions have been slightly lowered to 95.997%.
This means that holders of an aggregate of 33,118,864 out of the 34,500,000 shares of Silver Crest that are subject to redemption have redeemed their shares. While redemptions were lowered, they still are higher than the average rate of 83.52% in 2022 thus far.
Nonetheless, the parties now expect to close the deal on Wednesday, September 28. Following the consummation of the transaction, the ordinary shares and warrants of THIL are expected to begin trading on the Nasdaq under the symbols “THCH” and “THCHW”, respectively, on or around Thursday, September 29.
The deal, which was initially valued at $1.79 billion, but later reduced to $1.4 billion during an amendment in March, was announced on August 16, 2021. TH International is the exclusive operator of Tom Hortons (NYSE:QSR) coffee shops in China and recently announced an agreement to co-produce coffee products to sell in Easy Joy’s 27,800 stores with options to locate Tims coffee shops in these locations.
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...
This week, we speak with Kyivstar CEO Oleksandr Komarov about the company’s $2.2 billion dollar combination with Cohen Circle Acquisition Corp. I (NASDAQ:CCIR). Few companies have been had to forge themselves in the flames recently quite like Ukraine’s leading telecom and digital services provider Kyivstar. Now, Kyivstar is not only telling that story but pitching it to...
At the SPAC of Dawn The market still has one full trading session before it adds Tuesday’s Core CPI reading and a variety of Fed comments to messaging it is already ingesting on US President Donald Trump’s ever-shifting tariff policy. SPACs are meanwhile continuing on with business as usual, with Cayson (NASDAQ:CAPN) announcing the third...
Terms Tracker for the Week Ending July 11, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. One more IPO priced this week bringing July’s total to 8. However, there are still three more weeks left in the month so that number...