Cerberus Telecom Acquisition Corp. (NYSE:CTAC) has again postponed its special meeting to vote to approve its combination with internet-of-things (IoT) provider KORE Wireless.
The meeting, which was originally supposed to be held September 16th, but was first postponed to today, September 22nd, has been further postponed to next Wednesday, September 29th at 10:00 am. However, it’s for a good reason. CTAC and Kore have managed to secure additional funding to support its combination.
As background, CTAC and Kore, despite a heavy number of redemptions by shareholders, was still able to meet its minimum cash closing condition of $345 million thanks to its backstop arrangement with Fortress Credit Corp., which allowed the Company to borrow up to $120 million via unsecured exchangeable notes due in 2028. However, in the past week, CTAC and Kore have rounded up an additional $65 million in financing on top of that.
$40 million will come from certain holders of preferred shares of the ultimate parent entity of KORE Wireless Group, Inc. (“KORE”) electing to receive share consideration in lieu of $40 million of cash consideration. Additionally, in order to facilitate this, CTAC’s sponsor has agreed to contribute 600,000 Founder Shares to the Electing Holders. A further $25 million is via Fortress Credit Corp. in additional notes as part of their original backstop arrangement.
Moreover, CTAC reported that as of the date of the press release approximately 86.32% of CTAC’s public shareholders had tendered their shares for redemption, which is down from last week’s reported 90.39% redemptions. Perhaps an additional week whittles that number down even further.
CTAC’s public shareholders now have until 5:00 p.m. on Tuesday, September 28, 2021 to withdraw their redemptions and the business combination is expected to close on or about September 30, 2021.
CTAC initially announced its $1.01 billion deal with KORE on March 12. Alpharetta, Georgia-based KORE provides connectivity hardware and service for smart devices and is working to move into the new world of 5G.
Vendome Acquisition Corporation I (NASDAQ:VNMEU) announced the pricing of its $200 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “VNMEU”, Wednesday, July 2, 2025. The new SPAC plans to focus its search on target business in the consumer sector operating in North America, Southeast Asia, and Europe....
Origin Investment Corp. I (NASDAQ:ORIQU) announced the pricing of its $60 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “ORIQU”, Wednesday, July 2, 2025. The new SPAC aims to mount a broad search for a target with a strong management and both revenue and earnings growth potential....
1RT Acquisition Corp. (NASDAQ:ONCHU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “ONCHU”, Wednesday, July 2, 2025. The new SPAC plans to target company in the digital asset ecosystem involved in the creation, storage, exchange or management of such assets, whether...
D. Boral ARC Acquisition II Corp. (NASDAQ:ARBCU) has filed for a $250 million SPAC to give underwriter D. Boral a second in-house SPAC to pursue deals with. The new SPAC offers investors a 1/2 warrant and an initial 18-month time frame to complete a deal. D. Boral II’s sponsor may automatically extend this once by...
Ribbon (NASDAQ:RIBB) has entered into a definitive agreement to combine with Japanese biotech firm DRC Medicine at a pro forma equity value of $422 million. Tokyo-based DRC Medicine manufactures reusable anti-bacterial and anti-allergen wearables and aims to go deeper into the medical device and pharmaceutical space. Transaction Overview Ribbon is expected to provide $50.4 million...