Black Ridge Acquisition Corp. (BRAC) filed a new 8-K this morning, alerting shareholders that it has set a new date for their shareholder vote to complete their combination with Allied Esports. BRAC’s extension vote is still scheduled for tomorrow, but it seems they are trying to wrap things up quickly by following up almost immediately (two weeks later) with a combination vote.
The reason for the press release is to let shareholders know that if they planned on redeeming at the extension vote, they can wait just a short two weeks and get a couple of extra pennies instead. However, given that it was only a one-month extension to begin with, the difference isn’t all that material. Nonetheless, if this new information changes the mind of any shareholders that were planning on redeeming at the extension vote, they will now need to withdraw their conversion.
However, it’s a little unclear in the press release what the redemption deadline is for the completion vote on July 22nd. Typically, the deadline is two days prior to the vote, but that was not explicitly stated this morning. For now, July 18th is the assumed date, pending confirmation (FYI – we reached out to the proxy solicitor, but they weren’t sure either). You can read the press release HERE.
In an effort to keep things clear, a summary of dates has been provided below:
Shareholder vote to extend deadline to August 10th.
- Vote date: Tomorrow, July 9th.
- Record date: June 10th
- $30,000 contribution to trust for shareholders that do not redeem (price per-share to be determined post-vote depending on how many shares remain)
Shareholder vote to complete combination with Allied Esports
- Vote date: Monday, July 22nd
- Redemption deadline: July 18th – pending confirmation
- Record date: June 10th
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