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.
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