LightJump Acquisition Corp. (NASDAQ:LJAQ) announced this morning that its shareholders approved its combination with molecular food producer Moolec at a special meeting yesterday.
Although about 92% of shares voted in favor of the transaction, 2,716,176 also opted to redeem and leaves it temporarily with a public float of 51,034 shares.
Only seven SPACs have reached closing with fewer public shares over the past 12 years. The vote results leave LightJump with a final redemption rate of 99.63%, which is the sixth highest redemption percentage over that same period.
Traders evidently anticipated this low float scenario as LightJump shares shot up nearly +300% at one point yesterday before settling down to $19 at close. This still represents a +98% gain on the day.
The deal is now expected to close on December 30. After this, its shares and warrants are expected to begin trading on the Nasdaq under the symbols “MLEC” and “MLECW”, respectively, in January 2023. Pending the conversion to new symbols, LightJump warrants (NASDAQ:LJAQW) also closed up +132.5%.
Warwickshire, United Kingdom-based Moolec develops animal proteins in plants using molecular farming through a process that uses plants as small factories. LightJump announced the deal in June when it turned heads as an effective “de-SPAC of a de-SPAC” since Moolec’s parent company Bioceres (NASDAQ:BIOX) has itself been a consistent high-performer among de-SPACs, last closing at $11.69.
But, its subsidiary Moolec appears to have picked a difficult time to test the market with the molecular food technology that it is still in the process of developing. Its commercial launches are slated for 2025.
ADVISORS
- EarlyBird Capital acted as a financial advisor to LightJump.
- Linklaters LLP acted as legal counsel to Moolec
- K&L Gates LLP acted as legal counsel to LightJump in the transaction.
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