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
At the SPAC of Dawn The market may have sighed in relief with the postponement of tariffs, but they may not have gone too far into the background as the US also reported a record high $98.4 billion trade deficit for December yesterday, which came in more than $2 billion deeper than expected. More signals...
At the SPAC of Dawn Commentators may still spar over the level of positive impact SPACs have had in some sectors, but Peter Beck, CEO of Rocket Lab (NASDAQ:RKLB), believes the vehicles have been particularly positive for the space industry. Although he described the period as a “crazy, crazy time” when speaking at the Smallsat...
K&F Growth Acquisition Corp. II (NASDAQ:KFIIU) announced the pricing of its $250 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “KFIIU”, Wednesday, February 5, 2025. The new SPAC intends to combine with a target company in the experiential entertainment industry underpinned by strong secular growth, a skilled...
Rithm Acquisition Corp. (NYSE:RAC.U) has filed for a $200 million SPAC with a loaded room of underwriters to hunt down a target in financial services or real estate. The Rithm team has driven aggressive terms for the sponsor’s first SPAC with the help of a deep-pocketed backer and the trio of Citigroup, BTIG and USB...
At the SPAC of Dawn With the North American tariff threats set aside for now, there’s still plenty of momentum for the sorts of investments that might be able to dodge such trade disputes, or become more valuable should trade barriers arise. Among the clearest examples of these are producers of critical materials like rare...