North Atlantic (NAAC) Postpones Shareholder Vote
by Marlena Haddad on 2022-05-17 at 5:46pm

North Atlantic Acquisition Corp. (NASDAQ:NAAC) announced this afternoon that it has postponed its special meeting to vote to approve its combination with communications platform Telesign.

Although NAAC noted that a sufficient number of NAAC’s shareholders have already voted to approve the business combination, it also stated that all of the conditions to effect the closing of the deal have not yet been satisfied. With that being said, the postponement will allow more time to satisfy those closing conditions.  And while NAAC did not disclose exactly which condition(s), satisfying the minimum cash to close the deal is usually what trips SPAC’s up. If that’s the case with NAAC, most likely they will use the extra time to secure a backstop financing.

As background, North Atlantic must maintain at least $200M in its trust in order to close the deal, and brings $380 million into the transaction from its current trust alongside a $107.5 million fully committed PIPE at $10 per share. The PIPE drew investment from a group of investors including SFPI-FPIM as a key investor, to fund TeleSign’s growth plans.

The meeting, which was originally supposed to be held tomorrow May 18, 2022, has been postponed until June 1, 2022 at 8:00 a.m. Eastern Time. The redemption deadline is also postponed to May 27, 2022, but the record date remains April 13, 2022.

North Atlantic initially announced its $1.3 billion deal with Telesign last year on December 16. Marina del Ray, California-based Telesign provides security solutions through APIs, combining digital identity with global communications capabilities to help enterprises connect, protect and engage with their customers.


Recent Posts
by Nicholas Alan Clayton on 2023-09-21 at 7:36am

Nabors Energy Transition Corp. (NYSE:NETC) announced this morning that Vast has added an equity commitment of up to $10 million to its combination with concentrated solar power producer Vast. The new commitment comes at $10.20 per share from the Canberra Airport Group and half of it is to come up front at close. A further...

by Nicholas Alan Clayton on 2023-09-21 at 7:08am

M3-Brigade III (NYSE:MBSC) announced this morning that it has closed its combination with Canadian energy producer Greenfire and the combined company is expected to trade on the NYSE under the symbol “GFR” later today. Concurrent with close, Greenfire also issued $300 million in new senior secured notes at a 2% discount, priced at $980 per...

by Kristi Marvin on 2023-09-20 at 5:51pm

Murphy Canyon Acquisition Corp. (NASDAQ:MURF) announced this afternoon that its stockholders voted in favor of the proposed business combination with Conduit Pharmaceuticals Limited (“Conduit”). Details on the vote, along with redemption numbers, have not been filed yet, but the Company expects the closing to occur as soon as practicable, subject to the satisfaction or waiver...

by Kristi Marvin on 2023-09-20 at 5:31pm

Latest SPAC Liquidations: Juniper II Corp. Juniper II Corp. (JUN) to Liquidate on October 10, 2023 Juniper II Corp. (NYSE: JUN), today announced that its board of directors has determined to redeem all of its outstanding shares of Class A common stock with such redemption anticipated to be effective as of October 10, 2023. The...

by Kristi Marvin on 2023-09-20 at 4:39pm

TradeUP (NASDAQ:UPTD) announced in an 8-K this afternoon that has entered into additional subscription agreements in connection with its combination with Estrella Biopharma. Under these subscription agreements, Plentiful Limited and Lianhe World Limited, collectively known as the “Investors”, agreed to each buy $5,000,000 worth of UPTD’s common stock, priced at $10.00 per share.  However, if,...


Copyright © 2023 SPACInsider, Inc. All Rights Reserved