Latest Non-Redemption Agreements: Yotta Acquisition Corp.,Live Oak Crestview Climate Acquisition Corp.
Yotta Acquisition Corp. (YOTA) Adds Non-Redemption Agreements
Yotta Acquisition Corp. (NASDAQ:YOTA) entered into non-redemption agreements with certain unaffiliated third parties in exchange for such third parties agreeing not to redeem an aggregate of 598,680 shares of the Company’s common stock.
In exchange for the foregoing commitments not to redeem such Non-Redeemed Shares, the Sponsor has agreed to transfer to such third parties an aggregate of up to 300,000 shares of the Common Stock held by the Sponsor following the escrow period if they continue to hold such Non-Redeemed Shares through the Meeting.
The Non-Redemption Agreements are not expected to increase the likelihood that the Extension Amendment Proposal and the Trust Amendment Proposal is approved by the Company’s stockholders but are expected to increase the amount of funds that remain in the Company’s trust account following the Meeting.
These shares will not be redeemed at the SPAC’s upcoming vote to extend its transaction deadline to August 22, 2024.
READLive Oak Crestview Climate Acquisition Corp. (LOCC) Adds Non-Redemption Agreement
Live Oak Crestview Climate Acquisition Corp. (NYSE:LOCC) entered into a non-redemption agreement with an unaffiliated third party (the “Investor”) in exchange for the Investor agreeing not to redeem shares of the Company’s Class A common stock at the special meeting to approve, amongst other proposals, an extension of time for the Company to consummate an initial business combination from September 27, 2023 to January 12, 2024.
Since September 18, 2023, the Sponsor and the Company have entered into additional agreements, in substantially the same form, with unaffiliated third parties (“Additional Investors”). Pursuant to the Non-Redemption Agreements, the Investor and the Additional Investors have agreed not to redeem up to an aggregate of 12,488,046 shares of the Company’s Class A common stock.
In exchange, the Company has agreed to issue or cause to be issued to the Investor and Additional Investors an aggregate of 1,135,163 shares of Class A common stock if the Investor and Additional Investors continue to hold the shares of Class A common stock through the Special Meeting.
In addition, the Sponsor has agreed to surrender and forfeit to the Company for no consideration 1,135,163 shares of the Company’s common stock held by the Sponsor immediately following the consummation of the Company’s initial business combination.
The Non-Redemption Agreements are not expected to increase the likelihood that the Extension Amendment Proposal is approved by shareholders but will increase the amount of funds that remain in the Company’s trust account following the Special Meeting.
Lastly, certain parties to the Non-Redemption Agreements intend to purchase additional shares of the Company’s Class A common stock on the open market. Such purchases will be made at or below a price of $10.37 per share, and such parties will not vote such purchased shares in favor of the Extension.
READ
Dune Acquisition Corporation (NASDAQ:DUNE) announced in an 8-K today that it has once again modified its agreement with sustainable energy firm Global Hydrogen. This amendment marks a reduction in Global Hydrogen’s equity value from $48 million to $43 million, alongside an increase in the available shares of common stock that is for the Global Gas Corporation...
At the SPAC of Dawn After mixed signals for the consumer sector earlier this month, initial Black Friday sales numbers have shown that Americans were not too stuffed for a shopping spree this year. Shoppers bagged between $9.8 billion and $10 billion in goods online, depending on one’s preferred source, either of which would be...
Terms Tracker for the Week Ending November 24, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. This being the Thanksgiving holiday week, we are thankful for a lot of things, but mostly that 2023 is almost over. It’s been a rough...
At the SPAC of Dawn Though perhaps stuffed to the brim, SPAC activity continues this Thanksgiving Friday with votes by Clean Earth and Zalatoris to extend a deadline and amend trust contributions, respectively. At least seven de-SPACs are also reporting earnings today and will do so going into a futures market that is mostly green...
IB Acquisition Corp. submitted its S-1 filing Friday afternoon for a $100 million IPO, coming right on the heels of Bayview Acquisition Corp, which also filed its S-1 that day. IB is also similar to Bayview in that its units do not feature a warrant but include 1 right for 1/10. However, its trust is slightly...