Athena Consumer Acquisition Corp. (NYSE: ACAQ) announced that it intends to adjourn its September 21 special meeting to approve its combination with German EV-maker e.GO without conducting business and will reconvene it at 1:30 pm ET September 28.
The SPAC is not only counting on shareholders to approve the deal and certain governance matters. Its warrant holders are also to vote at at the special meeting on the portion of the business combination proposal that would convert all outstanding warrants to 0.175 shares in the combined company with remaining fractions rounded down.
With the meeting date moved, Athena Consumer’s redemption deadline has also been pushed to September 26. But, the SPAC has already seen about 95.8% of shares redeemed leaving about $10.8 million remaining in its trust.
Athena Consumer must provide at least $50 million in proceeds under the deal’s minimum cash condition and it has added a $15 million bridge loan and a standby equity purchase agreement that could see up to 15,000,000 shares purchased by Vellar Opportunity Fund or up to 9.9% of all shares.
e.GO also received $46.7 million in net proceeds from a notes issuance connected to the deal, with the opportunity to issue up to $25 million more. All notes bear a fixed 9.75% interest rate and mature on June 30, 2027.
In July and August, the parties also modified the deal to include the warrant exchange and tweak the earnout such that company shareholders will receive 10,000,000 additional shares in all cases after a one-year lock-up.
Athena announced its $913 million merger with e.GO in July 2022. Aachen, Germany-based e.GO designs and manufactures compact EVs designed for urban markets at microfactories, which it believes will provide a more capital efficient entry to the market.
Latest SPAC Liquidations: LF Capital Acquisition Corp. II LF Capital Acquisition Corp. II (LFAC) to Liquidate on October 3, 2023 LF Capital Acquisition Corp. II (Nasdaq: LFAC), today announced that the directors of the Company have determined to dissolve and liquidate the Company. The redemption of the Public Shares is expected to be completed on...
Latest Non-Redemption Agreements: Yotta Acquisition Corp.,Live Oak Crestview Climate Acquisition Corp. Yotta Acquisition Corp. (YOTA) Adds Non-Redemption Agreements Yotta Acquisition Corp. (NASDAQ:YOTA) entered into non-redemption agreements with certain unaffiliated third parties in exchange for such third parties agreeing not to redeem an aggregate of 598,680 shares of the Company’s common stock. In exchange for the foregoing...
Twin Ridge (NYSE:TRCA) announced this afternoon that it plans to convene and then adjourn its extraordinary general meeting of its shareholders originally to be held on September 26 at 11:30 a.m., Eastern Time. Twin Ridge intends to hold the new meeting at 11:30 a.m., Eastern Time, on October 3, 2023. Additional details were not given as to...
Social Leverage Acquisition Corp I (Nasdaq: SLAC) and W3BCLOUD Holdings Inc. announced this afternoon that they have mutually agreed to terminate their business combination agreement. The reasons cited were once again “due to existing market conditions”, which most likely implies the current capital market conditions as well as the fact that W3BCLOUD works within the...
Hainan Sirius Acquisition Corp. (NASDAQ:HSAC) filed an S-1 this week to become September’s first new SPAC and the 20th overall to file in 2023. The SPAC aims to combine with a company operating in a sizable market with cutting edge disruptive technology that is scalable with near-term cashflow in sight. That is fairly broad and...