byNordic Acquisition Corporation (NASDAQ:BYNO) announced this morning that it plans to adjourn its August 8 extension vote without conducting any business.
Shareholders will reconvene at 10 am ET August 10 and the change also pushes the SPAC’s deadline for redemption decisions to 5 pm ET August 8. On the ballot is a proposal to extend the company’s transaction deadline from August 11 to February 12, 2024 and provide the sponsor the ability to further extend it in one-month increments up to August 12, 2024.
byNordic’s sponsor has pledged to contribute the lesser of $625,000 or $0.24 per share for the initial extension. That is a boost of 4% from the $600,000 and 33% from the $0.18 per share options it pledged in its previous proxy.
For each additional one-month extension beyond February 12, the sponsor would deposit the lesser of $105,000 and $0.04 per share. These are boosts of $5,000 (5%) and $0.01 per share (25%) from the earlier offer. byNordic last estimated its pro rata trust value at $10.61 and its stock last closed at $10.63.
The SPAC also clarified in today’s press release that no trust funds would be used to pay any potential excise tax obligations in connection with future redemptions.
byNordic raised a total of $176 million in its February 2022 IPO, but has not yet announced a business combination. It is steered by Sweden-based private equity veterans CEO Michael Hermansson, CFO and COO Thomas Fairfield along with Director of Acquisition Mats Karlsson who are seeking to combine with a target company in Northern Europe.
At the SPAC of Dawn Lately de-SPACs have been announcing corporate moves of a kind frequently in trios as was the case earlier this week when WeBull (NASDAQ:BULL), AST SpaceMobile (NASDAQ:ASTS) and Quantum-Si (NASDAQ:QSI) all announced major equity raises. This week, it is a trio of de-SPACs making reverse stock splits in unison, which is...
A look at Plus’ software-first approach to autonomous trucking. After years of investment and excitement, the dawn of self-driving cars and trucks is now here. The question now is which business model among autonomous driving technology companies will win out? This week, we speak with David Liu, CEO of autonomous trucking company Plus. Plus announced...
At the SPAC of Dawn One thing that SPAC investors can typically count on while their money is invested in a SPAC’s trust is that it is going to grow one way or the other between now and their next redemption opportunity, but the devil can occasionally be in the details. In 2024, it became...
Thunderstone has filed for a $50 million SPAC to put a new first-time Asia-based team in action on a generalist hunt. The new SPAC is offering investors a right to a 1/8 share in each unit with 18 months to initially complete a business combination. It is the 8th fresh S-1 filed with underwriter D....
At the SPAC of Dawn In a trading session that may find itself built around the release of Fed minutes at 2 pm ET this afternoon, a pair of SPAC targets have added their own fresh information to the mix. Enterprise AI firm Fusemachines, which has a pending combination with CSLM (OTC:CSLMF), put out a...