This afternoon, Black Ridge Acquisition Corp. (BRAC), released the details of their shareholder vote to approve their new extension deadline from July 10th to August 10th.
Per the 8-K, 9,246,727 shares of the Company’s common stock elected to redeem at a per-share price of $10.29. As a result, $95,148,821 was removed from trust, leaving ~$46.9 million with 4,553,273 shares outstanding.
Additionally, BRAC previously agreed to contribute $30,000 to the trust account for shares not converted in the extension vote. However, given that there are still 4.6 million public shares outstanding, the contribution will only be $0.00658867, a fraction of a penny. The good news is, investors who opted not to redeem will only have to wait 13 more days until Black Ridge and Allied Esports have their shareholder vote to combine. That vote is currently scheduled for July 22, 2019.
You can read the results HERE and a summary of the vote is provided below:
| FOR | AGAINST | ABSTAIN | BROKER NON-VOTES |
| 12,312,704 | 2,170,573 | 200,000 | 0 |
In this series we’ll be examining successful SPAC deals from the past both in the terms and circumstances of their de-SPAC processes and how they have weathered the storms that have followed after their public listings with research from SPACInsider contributors Anthony Sozzi and Sam Beattie. The year was 2019. The volume of SPAC news...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC Liquidations: Sierra Lake, Z-Work, Lerer Hippeau, and Climate Real Impact Solutions II Sierra Lake Acquisition Corp. Shareholders Approve Liquidation Sierra Lake Acquisition Corp. (NASDAQ: SIER) announced today that due to its inability to...
Parsec Capital (NASDAQ:PCX) announced in an 8-K this morning that it has begun the process of liquidating its trust account, but the filing also curiously notes that the team is trying to carry on with its announced combination with Enteractive Media. The announcement matches what the SPAC said in its 10-Q filed November 18, that...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Palihapitiya blames Fed for crushing the blank-check bubble, and Hong Kong is set to regain top-three IPO ranking in 2022 SPAC king Chamath Palihapitiya says the Fed crushed the bubble in blank-check firms...
PHP Ventures Acquisition Corp. (NASDAQ: PPHP) has entered into a definitive agreement to combine with ConstrucTech company Modulex Modular Buildings Plc (“Modulex”) at a valuation of $600 million. UK-based Modulex manufactures 3D volumetric steel modular buildings and harnesses emerging technologies to meet housing and infrastructure needs. The combined company is expected to trade on the...