Trajectory Alpha (NYSE:TCOA) announced in an 8-K this morning that it has opted to postpone its June 8 extension vote to June 12 at 10 am ET.
The SPAC will use this extra time to engage with shareholders at work to reverse redemption decisions. Trajectory Alpha’s team may still be getting acquainted with some major investors, as the current management was appointed just last week after broker dealer J. Streicher Holdings bought out the SPAC’s sponsor economics.
The new management, led by financial services veteran CEO Paul Davis, has already laid one new incentive on the table. Trajectory Alpha is now upping its proposed contribution for to the trust in connection with the extension to the lesser of $150,000 or $0.04 per share monthly from $125,000 or $0.03 per share.
The extension proposal would allow Trajectory Alpha to extend this deadline in monthly increments up to nine times from June 14 to March 14, 2024 to give the new team time to search for its target.
The SPAC estimates its redemption rate at $10.33 and its shares last closed Tuesday trading at $10.34. It raised a total of $174.2 million in its initial December 2021 IPO.
Stellar V (NASDAQ:SVCCU) has filed for a $150 million IPO with a sponsor team that has experience stretching back several SPAC cycles. Co-CEOs George Syllantavos and Prokopios Tsirigakis have steered SPACs as far back as Star Maritime Acquisition Corp, which IPO’d in 2005 and combined with shipping firm Star Bulk Carriers (NASDAQ:SBLK) in 2007. Star...
Athena Technology II (NYSE:ATEK) has entered into a definitive agreement to combine with Ace Green Recycling at an equity value of $250 million. Houston, Texas-based Ace Green has developed technology for low-emissions recycling to harvest lithium, lead and other valuable resources from lithium-ion batteries. The combined company is expected to trade on a US exchange...
At the SPAC of Dawn One of the last major pieces to fall into place for the new Trump administration has been the one that affects SPACs most directly – the chairmanship of the SEC. Paul Atkins has now been picked for the post and is set to succeed Gary Gensler who already announced his...
Shepherd Ave Capital Acquisition Corporation (NASDAQ:SPHAU) announced the pricing of its $75 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “SPHAU”, Thursday, December 5, 2024. The new SPAC intends to conduct a broad search for a combination target without a preference for a specific industry or region....
At the SPAC of Dawn SPACInsider has kept a close eye on how the new tariffs ushered in by a second Trump presidency could affect SPACs and their deals moving forward. But, there is a genre of SPAC deal that has cropped up in recent years essentially as a hedge to trade tensions and they...