SPACInsider Logo
Mount Rainier Acquisition Corp. (RNER) Postpones HUB Security Completion Vote
by Nicholas Alan Clayton on 2022-12-29 at 8:47am

Mount Rainier Acquisition Corp  (NASDAQ:RNER) announced in an 8-K this morning that it is pushing its vote to complete its combination with HUB Cyber Security that was originally scheduled for December 30.

The special meeting is now set to occur at 10 am ET January 4 and the redemption deadline has been reset to December 30 to give shareholders additional time to consider reversing redemption requests.

A number of SPACs are working to massage their final vote and redemptions situation towards the end of the calendar year as redemption rates have been high. The five SPACs that have thus far released the results of their completion votes this month had an average redemption rate of about 96.3%.

Those still in the Announced or Searching columns that have held votes of one kind or another so far in December have seen about 87.2% of shares redeemed. One way or the other, this transaction’s $50 million minimum cash condition is fully covered by the $50 million PIPE that Mount Rainier arranged at announcement.

Tel Aviv-based HUB Security was founded by veterans of Israeli intelligence units to develop and market computing solutions and services to disrupt cybersecurity for enterprises and governments. It announced its $1.3 billion combination with Mount Rainier in March.

HUB reported about $34.6 million in revenue for the first half of 2022 with a net loss of -$18.4 million. It said this was mostly attributable to SPAC transaction costs and it expects to be profitable on an adjusted EBITDA basis in full year 2022.


Recent Posts
by Nicholas Alan Clayton on 2023-01-30 at 2:04pm

Seaport Calibre Materials Acquisition Corp. (NASDAQ:SCMA) announced in an 8-K that it has inked new non-redemption agreements after postponing its initial extension vote. The SPAC has agreed to allocate up to 37,500 promote shares (1.1%) to investors holding in exchange for them agreeing not to redeem an aggregate of 150,000 shares at the vote now...

by Marlena Haddad on 2023-01-30 at 1:22pm

Armada I (NASDAQ:AACI) announced this afternoon that it has once again postponed its extension vote. The SPAC initially planned to hold its special meeting on January 20, but postponed it to January 30, and will now be pushing it back until tomorrow, January 31. Armada has also extended the deadline for holders to submit their public...

by Nicholas Alan Clayton on 2023-01-30 at 12:07am

Prime Impact I (NYSE:PIAI) has entered into a definitive agreement to combine with auto insurance firm Cheche at an enterprise value of $841 million, or about 2.3x its 2022 revenue. Beijing-based Cheche provides a digital insurance platform for car owners in China with about 34 million vehicles covered. The combined company is expected to trade...

by Marlena Haddad on 2023-01-30 at 11:42am

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News: Hambro Perks eyes merger with Biotech Istesso, Rocket Lab launches first vehicle from U.S. soil, and Alliance Entertainment signs licensing agreement with The Walt Disney Company Hambro Perks SPAC Eyes Merger With Biotech...

by Marlena Haddad on 2023-01-30 at 10:15am

Pono Capital Corp. (NASDAQ:PONO) disclosed in an 8-K filing this morning that its shareholders approved its combination with air mobility company AERWINS at a special meeting held on Friday, January 27. Holders of 12,412,861 common shares were present at the meeting and the deal was approved with 11,218,712 shares in favor of the transaction. The filing did not...

Privacy Policy|Terms Of Use
Copyright © 2022 SPACInsider, Inc. All Rights Reserved