SPACInsider Logo
Black Ridge Acquisition Corp. Sets New Date for Combination Vote
by Kristi Marvin on 2019-07-08 at 11:25am

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

 

Recent Posts
by Marlena Haddad on 2023-03-23 at 6:08pm

Oak Woods Acquisition Corporation priced its $50 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “OAKU” Friday, March 24, 2023. The SPAC intends to focus on businesses that have their primary operations in the technology-enabled healthcare services industry located in the Asia-pacific region. Oak Woods is led by...

by Marlena Haddad on 2023-03-23 at 11:34am

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News:  SMX successfully marks steel at manufacturing facility in Europe, and Rainwater Tech partners with Discovery Land to generate rainfall across developer’s properties SMX Leads the Transition from Linear to Circular Production through the Success...

by Kristi Marvin on 2023-03-23 at 8:12am

Between the various recent cases in the Delaware courts, such as Boxed, which involved the different SPAC voting classes, or the Multiplan case, or Arrival, all of which are in addition to the 1% excise tax on share buybacks, there has been a noticeable trend of SPACs moving to off-shore domiciles. We spoke with Derek...

by Nicholas Alan Clayton on 2023-03-23 at 7:22am

two (NYSE:PIAI) announced in an 8-K this morning that it has transferred the majority of its sponsor interest to a new team led by SPAC veteran Thomas Hennessy. The new sponsor entity HC Proptech Partners III is to purchase 4,854,375 promote shares (90.9%) for undisclosed cash consideration and all current SPAC officers are expected to...

by Marlena Haddad on 2023-03-22 at 5:46pm

Metals Acquisition Corp. (NYSE:MTAL) announced in an 8-K this afternoon that it has entered into a silver stream equity subscription agreement, redemption backstop, and copper stream equity subscription agreement to support its combination with Glencore’s (LON:GLEN) CSA Copper Mine. On March 20, the SPAC entered into a silver stream subscription agreement with Osisko Bermuda pursuant to...

Privacy Policy|Terms Of Use
Copyright © 2023 SPACInsider, Inc. All Rights Reserved