Tristar Acquisition I Corp. (NYSE:TRIS) announced in a filing this afternoon that it has adjourned its special shareholder meeting until tomorrow, July 18, at 4 pm ET.
The SPAC conducted the meeting as scheduled today but could not confirm the presence of enough attendees to establish a quorum.
Last month, Tristar I terminated its non-binding letter of intent (LOI) with an undisclosed target. The LOI had been announced in March, providing the SPAC with an extension of its transaction deadline by three months, from April 18 to July 18.
But, the SPAC is now looking for shareholder approval to gain another extension until October 18 by depositing the lesser of $0.105 per public share or $787,500 into the trust account. Tristar I then hopes to extend the completion deadline by an additional one month as needed on a month-to-month basis, up to twelve times, until October 18, 2024, by depositing the lesser amount of $0.035 per public share or $262,500 for each one-month extension.
According to its S-1, Tristar I has been searching for telecom and technology targets that have “a need for business optimization and high-return investment opportunities” since its October 2021 IPO. Tristar I has about $232.3 million in its trust and closed today at $10.46, above its pro rata trust value of $10.10.
The SPAC is led by CEO and Chairman William M. Mounger II, COO Cathy Martine-Dolecki, and CFO Timothy Dawson.
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