HCM Acquisition Corp (NASDAQ:HCMA) announced in an 8-K that it would postpone its special meeting set for 10 am ET this morning to extend the company’s transaction deadline. The meeting will be held, if at all, at a later date to be determined by the board of directors of the Company.
The filing stated that the SPAC was taking additional time to engage with shareholders and seek to reverse their redemption decisions. HCM still has time to make its case as its deadline will not hit until April 25, 2023.
The extension on the ballot would extend this to October 25, 2023. HCM originally raised $293.3 million in its January 2022 IPO with 15 months on its clock. According to HCM’s proxy setting the vote, the SPAC will abandon the vote if redemptions would reduce its trust below 25%, or about $74 million.
HCM has not yet announced a definitive agreement, but it originally set out to identify businesses with disruptive technology in the financial services industry. Its current redemption rate is approximately $10.33 and it last closed at $10.36.
Ares Acquisition Corporation II (NYSE:AACT) filed its S-1 yesterday afternoon for a $400 million IPO, marking the second SPAC to file for an IPO in March and the largest since December 20, 2021, when Gores Holdings X Inc. filed for a $725 million SPAC. Ares II intends to focus its search on an established target...
Latest SPAC Liquidations: TCV Acquisition Corp. TCV Acquisition Corp. (TCVA) to Liquidate on April 13 TCV Acquisition Corp. (Nasdaq: TCVA) announced that it intends to dissolve and liquidate. It will redeem all of the outstanding Class A ordinary shares that were included in its initial public offering at a per-share redemption price of approximately $10.24. As...
DiamondHead Holding Corps. (NASDAQ:DHHC) announced that it has closed its combination with Great Southern Homes and the combined company will be renamed United Homes Group. The deal was approved by shareholders during a meeting last Thursday, and only 109,426 shares were redeemed in connection with the vote, but DiamondHead saw about 87% redemptions in total...
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Maxpro Capital (NASDAQ:JMAC) announced that it has closed its combination with clinical-stage biotech firm Apollomics and the combined company’s shares and warrants are to begin trading today on the Nasdaq under the symbols “APLM” and “APLMW”, respectively. Apollomics is set to receive $21.35 million in proceeds from a PIPE that Maxpro announced in February and...