Brilliant (NASDAQ:BRLI) announced that it has effectively doubled the size of its pool of shares to be distributed to shareholders at the close of its combination with crypto payments firm Nukkleus.
Shareholders will now receive the lower of 1,012,000 shares between them or the equivalent of 40% of all outstanding shares and rights immediately prior to close. This is up from either 506,000 or 20% of aggregate shares and rights.
Such mechanisms have not yet proven to measurably improve redemption rates. This adds an extra layer of game theory to the transaction’s end game, but could also help provide enough shares to avoid a low float scenario should redemptions be high.
Brilliant last closed at $10.56, a hair under its estimated pro rata trust value of $10.63, and it has an extension vote around the corner set for October 17. Like many SPAC transactions dealing with cryptocurrencies, this deal has taken additional time to review before the SEC, having been announced over seven months ago in February.
Jersey City, New Jersey-based Nukkleus provides software to process exchanges of crypto and foreign currencies as well as contracts for differences (CFDs) for these assets.
News and Rumors PR: Bannix (NASDAQ:BNIX) has provided more information on the combination with VisionWave that it announced yesterday, specifying that the imaging technology that VisionWave will acquire from GBT Technologies will primarily seek out applications in military combat scenarios and geological surveys. PR: Grove Collaborative (NYSE:GROV), which combined with Virgin Group II in June...
At the SPAC of Dawn Fed Chair Jerome Powell has given new hints that the administration would be showing greater levels of comfort with inflation if a cut could help improve unemployment numbers. Those numbers could get an update today at 8:30 am ET to bring new jobless claims as well as final prices for...
News and Rumors CNBC: Former WeWork (OTC Pink:WEWKQ) founder Adam Neumann has offered to buy back control of the company for $500 million but has yet to secure the necessary financing. WeWork went public with BowX in October 2021. PR: Satellite telecom firm Spire Global (NYSE:SPIR) has signed an agreement to build and launch two...
Bannix (NASDAQ:BNIX) has entered into a definitive agreement to combine with VisionWave Technologies for $30 million. The combined company is expected to trade on the Nasdaq once the deal is completed with an initial outside date of September 14. Transaction Overview Bannix has about $17 million in its trust after seeing 77.4% of its shares...
At the SPAC of Dawn Much of the attention yesterday was on tracking the swings of the newly-completed Trump Media (NASDAQ:DJT) deal with the FT going as far to suggest it may “make SPACs great again.” Not all of the day’s data points were on the positive side of the ledger, however. IB Acquisition Corp....