Coliseum Acquisition Corp. (NASDAQ: MITA) announced this afternoon that it intends to adjourn its special meeting, originally scheduled to be held on June 20, until June 22 due to a change in its extension proposal.
The company’s sponsor, Coliseum Acquisition Sponsor LLC, has indicated that, if the extension is approved, it will contribute the lesser of $100,000 and an aggregate amount equal to $0.04 multiplied by the number of public shares of MITA that are not redeemed for each month of the extension. The SPAC is currently facing a deadline of June 25, 2023, but is expecting to implement a maximum of twelve extensions for an additional one month each time to June 25, 2024.
Since Coliseum intends to adjourn the meeting to June 22, the redemption deadline will be extended to June 20.
The SPAC announced the pricing of its $150M IPO in June 2021. It has not found a target business to combine with just yet, but aims to identify a company that has an enterprise value between $500 million and $2.5 billion with strong and differentiated brands.
Coliseum is led by Co-CEOs Jason Stein and Daniel Haimovic, CFO Jason Beren, COO and General Counsel Andrew Fishkoffm and Board Chairman Nominee Romitha Mally.
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