CIIG Capital Partners II (NASDAQ:CIIG) announced this morning that it intends to adjourn its April 12 special meeting to approve its combination with EV motorcycle company Zapp to Friday, April 14 at 10 am ET.
The move also pushes shareholders’ redemption deadline to 5 pm ET, April 12 and could have been designed to give investors time to come back from the Passover and Easter holidays to make redemption decisions early next week.
Investors may also reverse existing redemption decisions through this extra time. CIIG II currently estimates its pro rata redemption rate at $10.40 and it closed Tuesday at $10.41.
CIIG II initially announced its $573 million combination with Zapp in last November. London-based Zapp produces EV motorcycles from its Thailand manufacturing base and aims to redefine the electric two-wheeler segment through its i300 bike.
On March 1, it announced it would appoint David Sturgeon as CFO. Sturgeon previous served as EVP and CFO at Nasdaq-listed Central European Media Enterprises until its $1.1 billion sale to investment firm PPF Group in 2020.
Tracking SPACs and all of their various types of “corporate actions” can be challenging. After all, a SPAC can postpone, adjourn, extend, complete, liquidate early, do a tender offer, and in some cases, one SPAC do all of those actions within its lifespan. Naturally, this can be challenging to manage. More importantly, it can very...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Byju skips payment on dollar loan and HNR affirms intent to purchase equity interests of Pogo Resources High-Flying Indian Startup Byju’s Skips Payment on Dollar Loan One of India’s best-known startups has skipped payment...
Avalon Acquisition Inc. (NASDAQ:AVAC) announced in an 8-K this morning that it has entered into a prepaid forward purchase agreement with RiverNorth SPAC Arbitrage Fund, the purchaser, as it works to close its combination with financial services firm The Beneficient Company, or Ben. As part of the agreement, RiverNorth agreed to effect certain purchases of shares...
Blue Ocean (NASDAQ:BOCN) has entered into a definitive agreement to combine with digital media company TNL Mediagene at a pre-money enterprise value of $275 million. TNL Mediagene holds the Japanese licenses for a number digital media properties as well as Taipei-based The News Lens. The combined company Is expected to trade on the Nasdaq once...
Priveterra Acquisition Corp. (NASDAQ:PMGM) announced in an 8-K this morning that it plans to adjourn its special meeting to approve its combination with AEON Biopharma from noon today to the same time June 9. The SPAC plans to use this time to further engage with its shareholders as the ballot includes a variety of additional...