SPACInsider Logo
Pensare (WRLS) Releases Extension Vote Info
by Kristi Marvin on 2019-08-06 at 6:12pm

This afternoon, Pensare Aquisition Corp. (WRLS), finally released the details of their shareholder vote to approve extending their deadline from August 1, 2019 to December 1, 2019.  As expected, it was a nearly complete redemption of the trust account.

Per the filing, 5,754,273 shares elected to redeem, however, a per-share redemption price was not provided.  Instead, Pensare simply said, “a total of approximately $3.2 million will remain in the Company’s trust account.”  However, we can estimate based on the pre-vote trust account value of approximately $63.3 million that approximately $60.1 million redeemed at an estimated per-share price of $10.44.

As a reminder, Pensare will not be contributing any additional funds to the remaining shareholders, but as previously surmised, that was probably by design.  Pensare intends to acquire Computex for an aggregate of approximately $65 million in cash, stock, and assumed debt. So by not offering a contribution, it appeared that Pensare was trying to reduce the trust amount via redemptions and replace the lost cash with a PIPE. If that was the goal, well, they certainly achieved it.  After all, having only $3.2 million in cash left after raising $310.5 million at IPO is a bit stunning. However, let’s also not forget that Pensare’s IPO unit included a Right…that means Pensare is going to need to deal with 3.1 million Rights Shares at combination closing.

Next best quess is, Pensare announces a PIPE at a price below $10.00 and most likely significantly below $10.00 given all those Rights Shares.  Let’s hope they make it right by warrant holders and adjust the strike price.

Stay tuned for any further updates.  Vote results below.

Recent Posts
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...

by Marlena Haddad on 2022-11-30 at 5:29pm

Pacifico Acquisition Corp. (NASDAQ:PAFO) disclosed this afternoon that its shareholders have approved its business combination with sustainable shipping company Caravelle during a special meeting held earlier today. At today’s special meeting, 6,194,813 shares voted by proxy or in person, representing 82.65% of the total outstanding shares. The business combination was overwhelmingly approved as it received a...

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