Greenland Acquisition Corp. (GLAC), now Greenland Technologies Holding Corp. (GTEC), filed an 8-K this afternoon and included in the filed document was information regarding redemptions at their recent shareholder vote. Specifically, at Greenland’s vote to complete their combination with Zongchai Holdings, 3,794,057 Ordinary Shares were redeemed for $39,303,238 or, $10.359 per Share.
For reference, Greenland had 4,000,000 public Shares outstanding before the vote, so the cancellation of 3,794,057 means the float now stands at just 205,943 Shares. However, this does not include Rights Shares, which number 400,000. Regardless, this is a pretty small float no matter how you look at it, but keep in mind, since this SPAC did not file their proxy as an S-4, they are only subject to “continued listing” requirements on the Nasdaq, not “initial listing” requirements. It’s a complicated topic, so if you’d like to read up on the topic, you can find all the posts Kirkland & Ellis put together on the topic here: Part I, Part II, Rule Changes, FAQs on new listing standards.
Terms Tracker for the Week Ending March 24, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. While this week was relatively quiet on the filings front, we did see March’s second SPAC IPO price with Oak Woods Acquisition Corp’s $50 million...
Latest Non-Redemption Agreements: ExcelFin Acquisition Corp. ExcelFin Acquisition Corp. (XFIN) Adds Non-Redemption Agreement In connection with the special meeting of stockholders of ExcelFin Acquisition Corp. (NASDAQ:XFIN) to extend its completion deadline from April 25, 2023 to October 25, 2023, the company and its sponsor, ExcelFin SPAC LLC, entered into a non-redemption agreement with an unaffiliated third party....
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Momentus SPAC backers accused of deliberately engineering a catastrophic deal Momentus SPAC Backers Accused of Hiding Disastrous Deal’s Flaws A Momentus Inc. (NASDAQ:MNTS) investor sued backers of its blank-check merger with a shell company,...
DiamondHead Holdings Corp. (NASDAQ:DHHC) announced in an 8-K this morning that its shareholders approved its combination with Great Southern Homes at a special meeting March 23. Only 109,426 shares were redeemed in the connection with the vote, but DiamondHead has seen about 87% redemptions in total across all previous votes, leaving it with about $43.9...
Graf Acquisition Corp. IV (NYSE:GFOR) announced that it has signed a non-binding letter of intent to combine with clinical-stage biopharma company NKGen. This announcement is not a pure teaser as Graf IV is not facing an imminent extension vote and currently has until May 25 on its clock. It does, however, signal something of a...