Bridgetown 2 Holdings Limited (NASDAQ:BTNB) announced this morning that its shareholders have voted to approve its combination with Asian proptech firm PropertyGuru.
Redemptions removed about $177.4 million from the transaction, but this nonetheless counts as a victory for both the SPAC and the transaction in the current market. This amounted to a redemption rate of 59.3%, and only two of the 23 SPACs that have hit the finish line in 2022 have completed with a lower redemption rate.
The SPAC had not been immune to the strong headwinds whipping across the sector to start the year and it entered the day of its redemption deadline at $8.91. But, it also secured non-redemption agreements from two large shareholders.
The combined company’s shares are expected to begin trading on the NYSE on March 18 under the ticker symbol “PGRU.” The Bridgetown team’s larger vehicle, Bridgetown (NASDAQ:BTWN), which listed four months earlier, remains in the searching column but has its own transaction deadline coming up on October 20, 2022.
The parties initially announced their $1.35 billion combination last year on July 23. Kuala Lumpur-based PropertyGuru runs a series of rental and homebuying marketplaces throughout Southeast Asia, hosting more than 2.8 million real estate listings.
The combination passed overwhelmingly at the special meeting but some measures on the ballot received as much as 2.6% dissenting votes. For the full results of the vote click here.
ADVISORS
- Merrill Lynch (Singapore) Pte. Ltd. is serving as exclusive financial advisor to PropertyGuru.
- Latham & Watkins LLP and Allen & Gledhill LLP are serving as legal advisors to PropertyGuru.
- Merrill Lynch (Singapore) Pte. Ltd., Citigroup Global Markets Inc., KKR Capital Markets Asia Limited and TPG Capital BD, LLC are serving as placement agents to Bridgetown 2.
- Skadden, Arps, Slate, Meagher & Flom LLP and Rajah & Tann Singapore LLP are serving as legal advisors to Bridgetown 2.
Terms Tracker for the Week Ending March 24, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. While this week was relatively quiet on the filings front, we did see March’s second SPAC IPO price with Oak Woods Acquisition Corp’s $50 million...
Latest Non-Redemption Agreements: ExcelFin Acquisition Corp. ExcelFin Acquisition Corp. (XFIN) Adds Non-Redemption Agreement In connection with the special meeting of stockholders of ExcelFin Acquisition Corp. (NASDAQ:XFIN) to extend its completion deadline from April 25, 2023 to October 25, 2023, the company and its sponsor, ExcelFin SPAC LLC, entered into a non-redemption agreement with an unaffiliated third party....
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Momentus SPAC backers accused of deliberately engineering a catastrophic deal Momentus SPAC Backers Accused of Hiding Disastrous Deal’s Flaws A Momentus Inc. (NASDAQ:MNTS) investor sued backers of its blank-check merger with a shell company,...
DiamondHead Holdings Corp. (NASDAQ:DHHC) announced in an 8-K this morning that its shareholders approved its combination with Great Southern Homes at a special meeting March 23. Only 109,426 shares were redeemed in the connection with the vote, but DiamondHead has seen about 87% redemptions in total across all previous votes, leaving it with about $43.9...
Graf Acquisition Corp. IV (NYSE:GFOR) announced that it has signed a non-binding letter of intent to combine with clinical-stage biopharma company NKGen. This announcement is not a pure teaser as Graf IV is not facing an imminent extension vote and currently has until May 25 on its clock. It does, however, signal something of a...