SPACInsider Logo
Legacy Acquisition Corp. (LGC) to Adjourn Vote to Secure PIPE
by Kristi Marvin on 2020-04-21 at 9:07am

Legacy Acquisition Corp. (LGC), announced this morning that they intend to adjourn their shareholder vote to combine with Blue Impact, originally scheduled to be held this Thursday, April 23rd.  The new date will be Monday, May 18, 2020, while keeping the record date of March 20, 2020. More importantly, the reason for the adjournment was stated as, “intended to provide additional time required for Legacy to complete its potential PIPE financing with both new and current investors in advance of the Special Meeting.

For reference, last month on March 13th, Legacy announced an amendment to their Share Exchange agreement with Blue Impact, as a direct response to the “recent dislocation in the equity markets“.  The re-struck deal resulted in an adjustment to the enterprise value of approximately $33 million ($559 million, down from $592 million). Additionally, Legacy announced a proposal to amend their public warrants whereby warrant holders would receive $1.00 cash for each whole warrant if the amendment is approved. However, warrant holders will receive $1.00 in cash if the aggregate gross cash proceeds after redemptions is at least $225 million.  If it’s less than $225 million, warrant holders will receive $0.50, but they will also receive 0.055 shares of common stock per warrant.

Legacy also intends to get a $75.0 million PIPE financing at $10.00, but given today’s announcement, sounds like it’s not a done deal yet.  Keep in mind that Legacy does not have the Crescent Term.  We’ll have to wait and see if any further changes are announced ahead of the new May 18, 2020 vote date.

 

 

Recent Posts
by Kristi Marvin on 2023-03-25 at 12:14pm

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...

by Marlena Haddad on 2023-03-24 at 5:40pm

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....

by Marlena Haddad on 2023-03-24 at 11:33am

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,...

by Nicholas Alan Clayton on 2023-03-24 at 7:20am

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...

by Nicholas Alan Clayton on 2023-03-24 at 7:05am

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...

Privacy Policy|Terms Of Use
Copyright © 2023 SPACInsider, Inc. All Rights Reserved