DHC Acquisition Corp (NASDAQ:DHCA) announced in an 8-K this morning that it has come to agreements with one or more investors to not redeem 400,000 shares.
If these investors still hold these shares through the SPAC’s March 3 extension vote, they will receive 150,000 promote shares (1.9%) once DHC has consummated a business combination.
DHC does not currently have a definitive agreement in hand, but in January it terminated a troubled deal with GloriFi. At the upcoming vote, shareholders will consider a proposal to extend its deadline to December 4.
The SPAC’s sponsor has not yet offered a contribution to its trust in connection with the extension and its estimated redemption rate currently sits at $10.14.
It raised $309.5 million in its 2021 IPO and is led by Co-CEO Christopher Gaertner, who also serves as vice chairman and global head of technology investment banking at Rothschild & Co, and Co-CEO Thomas Morgan, who is the CEO of advisory firm Corps Capital.
Home Plate (NASDAQ:HPLT) has entered into a definitive agreement to combine with shipping company Heidmar at an anticipated enterprise value of $214.4 million, or 7.2x its 2023E EBITDA. Athens-based Heidmar operates an asset-light shipbroking network providing access to a pool of 60 fuel tanker and dry bulk ships. The combined company is expected to trade...
two (NYSE:PIAI) announced in an 8-K this morning that it has pushed back its special meeting one week from March 24 to 10 am ET, March 31. Shareholders at the meeting will consider a proposal to extend its transaction deadline from April 1 to January 1, 2024. The SPAC’s sponsor has not yet offered to...
Terms Tracker for the Week Ending March 17, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Despite this week’s headlines about bank failures, EF Hutton managed to file both a new S-1 registration statement and price an IPO. They should have...
Latest SPAC Liquidations: Northern Genesis III, MSD, and Tech and Energy Transition Corp. Northern Genesis Acquisition Corp. III (NGC) to Liquidate on March 24 Northern Genesis III (NYSE:NGC) announced that it will redeem all outstanding shares effective as of the close of business on March 27. Shares will cease trading on March 24 and the per-share...
Tech and Energy Transition Corp. (NASDAQ: TETC) announced this afternoon that its shareholders have voted against a proposal to extend the SPAC’s timeline to complete a business combination. Holders of 38,069,946 shares of TETC’s common stock, comprised of 28,495,396 shares of Class A common stock, and 9,575,000 shares of Class B common stock, were present at...