AlTi Global (NASDAQ:ALTI), the wealth and asset manager that combined with Cartesian Growth in January, announced this morning that it has launched an offer to exchange all outstanding warrants for 0.25 Class A shares each.
Holders have until midnight ET June 2 to accept the offer, but this deadline may be extended. AlTi stock is down about -31% since the opening bell, but this offer would have represented value of about $1.58 per warrant as of its last closing price and about $1.08 now.
AlTi warrants (NASDAQ:ALTIW) have already zoomed up +108% to match this, but are still trading at a slight discount around $1.02.
As has become standard practice, the company is also soliciting the consent of warrant holders to automatically exchange any warrants left outstanding at the end of the offer period for 0.225 shares, providing 10% less value.
Representatives of at least 65% of warrants must approve this change and the company has already received consents representing 36.7% of public warrants and 66.3% of private warrants approving the move.
The offer would eliminate a warrant overhang of 19,892,387 outstanding warrants, 10,992,453 of which are public and 8,899,934 private warrants. It is expected to generate an aggregate of up to 4,973,096 new common shares in the company.
AlTi Global recently changed its name from Alvarium Tiedemann following the closing of its $1 billion combination Cartesian Growth, which was initially announced in September 2021. The firm serves as an alternative asset manager to clients on four continents and has about $60 billion in assets under management.
ADVISORS
- Oppenheimer & Co. Inc is serving as the dealer manager and solicitation agent for the offer.
- Innisfree M&A Incorporated has been appointed as the information agent for the offer and consent solicitation.
- Continental Stock Transfer & Trust Company has been appointed as the exchange agent.
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