Electrum Special Acquisition Corporation to Liquidate Trust
by Kristi Marvin on 2018-05-10 at 11:53am

Liquidation Alert:  Electrum Special Acquisition Corporation

In an 8-K filed this morning, Electrum Special Acquisition Corporation, a $200 million SPAC IPO, announced its intentions to dissolve and liquidate the trust.  Electrum Special estimates the per share redemption price for shareholders will be $10.48

As of the close of business on June 5, 2018, Electrum’s public shares will be deemed cancelled and will represent only the right to receive the redemption amount. Redemption of the shares will take place ten business days after June 5th, which is estimated to be June 19th.

As of Electrum’s most recent 10-Q, only $128.4 million remained in the Trust Account following redemptions from prior deadline extensions.  The SPAC sponsor will lose the $7.025 million used to purchase the private placement warrants in the IPO that brought the per-share amount held in trust to an initial value of $10.00 per unit. The underwriters will lose their deferred underwriting fee as well, estimated to be approximately $5 million.

Electrum’s shares (ELEC) are currently trading at the trust value of $10.48

 

Recent Posts
by Kristi Marvin on 2024-12-02 at 1:31pm

Once again, the November 2024 corporate actions continues the trend of SPAC teams seeking additional extensions beyond their first one as they work to close their combinations with the remaining funds after redemptions. However, both announcements and completion vote-type corporate actions events were unusually light this month. Extension Votes In November, there were a whopping...

by Nicholas Alan Clayton on 2024-12-02 at 1:21pm

Future Vision II (NASDAQ:FVNNU) has entered into a definitive agreement to combine with adtech firm Viwo at an equity value of $100 million. Beijing-based Viwo provides AI-enabled targeting technology for marketers and brands in China. The combined company is expected to trade on the Nasdaq once the deal is completed by the end of the...

by Nicholas Alan Clayton on 2024-12-02 at 8:31am

At the SPAC of Dawn The SPAC market could be primed to wake up from its Turkey Day slumber with a bang this week as both Shepherd Ave (NASDAQ:SPHAU) and Tavia (NASDAQ:TAVIU) have lined up to IPO and five more SPACs have scheduled votes. Late Friday also saw the Future Vision II (NASDAQ:FVNNU) announce a...

by Kristi Marvin on 2024-11-30 at 10:01am

Terms Tracker for the Week Ending November 29, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. This was a shortened holiday week, but SPACs still managed to put through a number of filings, which should usher in a busy first half...

by Nicholas Alan Clayton on 2024-11-29 at 12:42pm

Range Capital Acqusition Corp. (NASDAQ:RANGU) has filed to launch a $100 million SPAC with a broad approach, but with expertise in natural resources. The vehicle becomes the fourth SPAC that underwriter EarlyBirdCapital has put its name on so far this year, but it bears some different features than the rest of its 2024 slate. EarlyBirdCapital...

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved