logo
EG Acquisition Corp. (EGGF) Postpones Extension Vote
by Nicholas Alan Clayton on 2023-05-12 at 8:33am

EG Acquisition Corp. (NYSE:EGGF) announced this morning that it is pushing its extension vote from today to 12 pm ET May 19 to give it more time to engage with shareholders.

Shareholders at the rescheduled special meeting will consider a proposal to allow the SPAC to extend its transaction deadline from May 28 to August 28 and thereafter up to three more times in one-month increments to December 28.

EG’s sponsor is adding a new inducement to keep those shareholders engaged, offering to contribute the lesser of $160,000 or $0.04 per share for each month of the extension.

Along with the rescheduling, the SPAC’s redemption deadline has been moved to May 17, so shareholders will have the opportunity to consider this and potentially withdraw their redemption decisions. The SPAC estimates the redemption rate for the vote will be $10.24 and it last closed at $10.21.

In November, EG announced a $600 million combination with flyExclusive. Kinston, North Carolina-based flyExclusive is an owner and operator of private jet experiences with a floating fleet of over 90 light to heavy jets.

 

Recent Posts
by Kristi Marvin on 2024-10-05 at 10:00am

Terms Tracker for the Week Ending October 4, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. This week was much, much heavier on the S-1 filings. There were five new SPACs filed along with six amended S-1 registration statements making good...

by Nicholas Alan Clayton on 2024-10-04 at 12:20pm

Willow Lane (NASDAQ:WLACU) has filed for a $110 million SPAC to be the latest repeat SPAC team returning to the market with the help of underwriter BTIG. BTIG is, in fact, leading recent underwriter activity with four new SPACs filed since the August 1, while no other firm has been left lead for more than...

by Nicholas Alan Clayton on 2024-10-04 at 8:23am

At the SPAC of Dawn While SPACs settle into a slight pause through Rosh Hashanah, de-SPACs are also entering another period of holiday-based trading patterns. Traders following the usual “Sell in May and Go Away” pattern this year would have missed out on a major late-summer market rally. But, stocks may now feel the effects...

by Nicholas Alan Clayton on 2024-10-03 at 8:25am

At the SPAC of Dawn As SPACs switch back into gear with a new cycle, traditional IPO road shows are heating up into the fourth quarter as well. A raft of private equity-backed companies have determined now is the time to strike and the period between the Fed’s September rate slash and the November election...

by Anthony Sozzi on 2024-10-02 at 4:17pm

Earth, Wind & Fire may have been on to something with the end of September and “chasin’ the clouds away“. The SPACs from the past are still lingering which are affecting the averages as newly issued SPACs have come to market in the past year. Each has the same goal of bringing a target company...

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved