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 rescheduled to January 31. The extension would push out Seaport Calibre’s transaction deadline six months from February 1 to August 1.
Seaport Calibre notes in the filing that the agreements are expected to increase the likelihood that the extension will be approved as well as bolster the amount of funds remaining in the SPAC’s trust account on the other end of it. The SPAC originally scheduled its special meeting for the extension on January 26.
Seaport Calibre Materials announced the pricing of its $130 million IPO in October 2021, but has not found a target company to combine with just yet. It intends to focus on businesses in the steel, metals, and metals processing sector.
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Chenghe III (NASDAQ:CHEC.U) has filed for a $110 million SPAC to continue the team’s growing series while turning to a new underwriter. The new SPAC is offering investors a 1/2 warrant in each unit and no overfunding of the trust, but it will need to complete a business combination within 18 months of its IPO...
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Terms Tracker for the Week Ending July 3, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. We’re heading into the July 4th holiday, so we’ll keep this week’s column short and to the point. But before you head to the beach,...
Crown PropTech (OTC:CPTKW) has entered into a definitive agreement to combine with rare earth mining firm Mkango Resources (TSX-V:MKA) at a pre-money equity value of $400 million. London-based Mkango is working to commercialize a chain of rare earth mining and refining facilities in Africa and Europe. The combined company is expected to trade on the...