Latest Non-Redemption Agreements: KnightSwan
KnightSwan Acquisition Corporation (KNSW) Adds Non-Redemption Agreement
In connection with the special meeting called by the KnightSwan Acquisition Corp. (NYSE:KNSW) to approve an extension from July 25, 2023 to July 25, 2024, shareholders holding an aggregate of 18,355,353 of Class A ordinary shares exercised their right to redeem their shares. Following the withdrawals, it is expected that approximately $49,183,956 will remain in the trust account.
Additionally, KnightSwan’s sponsor and the company entered into non-redemption agreements with unaffiliated third-party investors. Pursuant to the Non-Redemption Agreements, the investors agreed not to redeem an aggregate of 4,000,000 Class A ordinary shares in connection with the meeting.
In exchange for the foregoing commitments not to redeem such shares, the sponsor has agreed to transfer to the investors an aggregate of 1,332,000 Class B ordinary shares immediately following the consummation of a business combination.
The non-redemption agreements are not expected to increase the likelihood that the extension is approved by shareholders but will increase the amount of funds that remain in the trust following the meeting.
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