SPACInsider Logo
Mosaic Reschedules their Vote to January 17th
by Kristi Marvin on 2020-01-06 at 12:55am

Mosaic Acquisition Corp. (MOSC), announced this morning that they will be adjourning and rescheduling their vote three days forward to January 17th (previously, the 14th).  Now that everyone is back from the holidays for the first full week of the new year, this gives investors additional time to digest MOSC’s amended deal with Vivint. If investors wish to change their vote and/or redemption status, they now have until January 15th to do so.

Additionally, since the changes to the terms of their deal were released right before Christmas (when everyone was on holiday, either figuratively or literally) this new date also gives their capital markets teams additional time to market the new terms to investors who may not have been around the past two weeks.

However, today’s press release also used the opportunity to re-iterate the changes to their Vivint deal, a summary of which has been provide below.

Mosaic/Vivint Changes

  • The initial enterprise value attributed to Vivint was reduced to approximately $4.2 billion, implying an estimated 2020 Adjusted EBITDA multiple of approximately 7.75x pre-money, or 7.92x post-money.
  • Affiliates of Fortress Investment Group LLC (“Fortress”) agreed to invest up to an additional $50 million in Vivint through an investment in the common stock of Mosaic, through open market purchases or directly from Mosaic, prior to the closing of the merger.
    • This investment is in addition to the $125 million investment in Vivint that Fortress affiliates committed to make at the time of the initial announcement of the transaction in September, and is in addition to pre-existing investments in Mosaic held by Fortress affiliates.
  • An investor who is investing in Vivint pursuant to forward purchase commitments obtained in connection with Mosaic’s IPO has agreed to invest an additional $50 million in Vivint through an investment in the common stock of Mosaic prior to the closing of the merger.
  • Pro forma net leverage reduced from 5.2x to 3.9x LTM 9/30/2019 Covenant Adjusted EBITDA, with substantially all net proceeds expected to be used to repay debt, assuming no redemptions by Mosaic’s public stockholders

In total, there will be~ $790 million of net cash proceeds at closing, including:

  • The $150 million of forward purchase commitments obtained in connection with Mosaic’s IPO (including a Fortress affiliate)
  • The previously announced $125 million investment in Vivint by Fortress affiliates
  • The previously announced $100 million investment in Vivint by Blackstone
  • The additional investment of up to $50 million by Fortress affiliates
  • The additional $50 million investment from a forward purchaser

 

 

Recent Posts
by Marlena Haddad on 2022-12-01 at 11:25am

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News:  NYSE president says IPO proceeds fall more than 90% while Nasdaq president remains hopeful for 2023, and Giuliani brothers sell pharma stocks as they invest in biotech SPACs NYSE president says IPO proceeds fall...

by Marlena Haddad on 2022-12-01 at 10:02am

InterPrivate II Acquisition Corp. (NYSE:IPVA) disclosed this morning that it has restructured its bonus share agreement in connection to its proposed merger with carsharing marketplace Getaround. The parties previously agreed to reserve and set aside the bonus shares, consisting of 9,333,333 shares, to be allocated to the non-redeeming public stockholders, the designees of EarlyBirdCapital and the...

by Nicholas Alan Clayton on 2022-12-01 at 9:31am

Iris Acquisition Corp. (NASDAQ:IRAA) has entered into a definitive agreement to combine with biotech firm Liminatus at an enterprise value of $334 million. La Palma, California-based Liminatus is a clinical-stage drug developer working on a range of cancer treatments utilizing both preventative vaccines and CAR-T therapies. The combined company is expected to trade on the...

by Marlena Haddad on 2022-12-01 at 9:22am

Lakeshore Acquisition Corp. I (NASDAQ:LAAA) announced this morning that it has entered into a non-redemption agreement and amended its purchaser support agreement with initial shareholders in connection to its proposed merger with medical device company ProSomnus. The SPAC entered into non-redemption agreements with certain institutional investors for an aggregate of 200,339 shares of the purchaser. These investors...

by Nicholas Alan Clayton on 2022-11-30 at 6:01pm

The companies and sponsors of six SPAC deals are set to see their lock-ups expire before the end of the year. This is a relatively small monthly total as the wave of deals from 2020 and 2021 are still hitting this milestone. The list nonetheless includes some major names starting with Forafric (NASDAQ:AFRI), which is...

Privacy Policy|Terms Of Use
Copyright © 2022 SPACInsider, Inc. All Rights Reserved