Home Plate Acquisition Corporation (NASDAQ:HPLT) announced that it adjourned this morning’s extension vote without conducting any business and it will pick things up again at 11 am ET October 2.
Shareholders at the meeting are to consider giving Home Plate an extra two and half months to complete a deal, moving its deadline from October 4 to December 22. The SPAC’s sponsor has offered to deposit the lesser of $150,000 or $0.09 per share in connection with the extension.
Home Plate announced a $214 million business combination with shipping company Heidmar in March. Athens-based Heidmar operates an asset-light shipbroking network providing access to a pool of 60 fuel tanker and dry bulk ships.
Under the current terms of the deal, the SPAC must provide at least $40 million in cash at close and it goes into the vote with about $23 million remaining in its trust. But, it also noted at announcement that it aimed to raise up to $55 million in additional outside funding for the deal.
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