SPACInsider Logo
Sandbridge X2 Corp. (SBII.U) Files to Liquidate Early by Vote
Sandbridge X2 Corp. (SBII.U) Files to Liquidate Early by Vote
by Marlena Haddad on 2022-10-21 at 5:07pm

Sandbridge X2 Corp. (NYSE: SBII.U) filed a proxy this afternoon to seek shareholder approval to liquidate early.

The SPAC’s board has determined that it is very unlikely that Sandbridge X2 will be able to complete a business combination before its completion deadline of March 12, 2023. As a result, SBII hopes shareholders will approve its amended charter proposal to change the termination date to December 15, 2022.

If the amendment is approved, Sandbridge X2 will cease all operations immediately after the shareholder meeting and promptly complete voluntary redemptions. The SPAC will then voluntarily delist the Class A Ordinary Shares from the New York Stock Exchange as soon as practicable after completion of the post-amendment share redemption.

Sandbridge’s board has fixed the close of business on October 31 as the record date for determining shareholders entitled to receive notice of, and vote at, the shareholder meeting and any adjournment thereof.

This marks the thirteenth such SPAC to hold a shareholder vote to move up their completion deadline to liquidate early, but given turbulent market conditions, it is anticipated that other SPACs will follow suit. Sandbridge X2 announced the pricing of its upsized $220 million IPO in March 2021 with the intention of combining with a consumer target driving the adoption of digital products and services.

 

 

Recent Posts
by Marlena Haddad on 2022-11-28 at 12:02am

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News:  Virgin Galactic appoints new top lawyer, Trump Media SPAC rises after investors approve merger deadline extension, and Al Maadeed to be first Qatari to list company on NYSE Virgin Galactic, Preparing for Liftoff,...

by Nicholas Alan Clayton on 2022-11-25 at 2:31pm

PMV Consumer (OTC PINK:PMVC) announced that it is redeeming all non-insider public shares for approximately $10.09 per share, but it will not be dissolving just yet. The SPAC is set to provide written redemption notices to each shareholder and trust proceeds are to be distributed within 30 days of these notices. PMV Consumer will then...

by Marlena Haddad on 2022-11-25 at 11:02am

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News: Ex-Marvel chief takes the wheel at Arrival, Paysafe plans reverse stock split, and Dave Inc. to pursue a bank charter Founder of troubled electric van maker Arrival steps aside as CEO The founder...

by Nicholas Alan Clayton on 2022-11-25 at 7:31am

Digital World (NASDAQ:DWAC) announced late Wednesday that its shareholders have approved amending its charter to allow for automatic three-month extensions of its transaction deadline until September 8, 2023. This brings to close a long drama during which Digital World adjourned the vote without concluding business six times at different meetings in September, October and November....

by Marlena Haddad on 2022-11-23 at 4:49pm

Venus Acquisition Corp. (NASDAQ:VENA) announced this afternoon that it has secured an investor for a backstop agreement in connection to its business combination with VIYI Algorithm. Venus and its sponsor, Yolanda Management Corporation, entered into a backstop agreement with Joyous JD Limited to purchase VENA shares from third parties through a broker in the open market, or...

Privacy Policy|Terms Of Use
Copyright © 2022 SPACInsider, Inc. All Rights Reserved