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.
Terms Tracker for the Week Ending December 1, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. For the most part, this was a quiet week for filings being that it followed the Thanksgiving holiday. Ideally, bankers, lawyers and teams got a...
Aimei Health Technology Co., Ltd (NASDAQ: AFJKU) announced the pricing of its $60 million IPO this evening. Its units are expected to begin trading on the Nasdaq under the symbol “AFJKU” on Monday, December 4, 2023. After the securities comprising the units begin separate trading, the Class A ordinary shares and rights are expected to...
PROOF Acquisition Corp I (NYSE: PACI) announced this afternoon that it has closed its business combination with private aviation company Volato after shareholders approved the deal at a meeting on November 28. In total, including previous shareholder votes, shareholders opted to redeem an aggregate of 99.93% of PACI’s trust, leaving it with less than $215,000...
Adit EdTech (NYSE: ADEX) announced this morning that its shareholders have approved its business combination with bitcoin self-mining company Griid Infrastructure at a special meeting held yesterday, November 30. A total of 8,520,710 shares of common stock, representing approximately 95.7% of the outstanding shares entitled to vote, were present at the meeting, constituting a quorum...
At the SPAC of Dawn There had been hopes that this week would take one world conflict off the board, but combat has resumed in the Middle East as other eyes are likely to be fixed on new Fed comments today. The fighting in Gaza continues to not appear to have appreciable affects on the...