SPACInsider Logo
Social Capital Hedosophia (IPOA) Releases Extension Vote Info
by Kristi Marvin on 2019-09-10 at 7:27am

Early this morning, Social Capital Hedosophia Acquisition Corp. (IPOA), released the details of their shareholder vote to approve their extension deadline and the results were as expected.  IPOA now has an additional three months to close their combination with Virgin Galactic with a new deadline of December 18, 2019.

RESULTS

Per the 8-K, 3,771,178 Class A ordinary shares elected to redeem (at an estimated $10.367 per share), which resulted in $39.1 million being removed from the Trust Account. Furthermore, approximately 65,228,822 public shares will remain issued and outstanding, which means that the Trust Account is now currently estimated to hold $676.2 million, down from their estimated $715.3 million held in trust before the vote. As a reminder, IPOA did not offer any additional contribution to trust to extend those three months and instead will only continue to earn interest.

While the removal of $0.00 from trust would have been preferable, the loss of $39 million on a $715 million trust is only 5.0%.  It’s not that bad.  So now the real work begins as the IPOA/Virgin Galactic team move to close this deal.  Let’s see what happens.

You can review the results of the vote HERE, but a summary has also been provided below.

 

The Extension Amendment:

 

FORAGAINSTABSTENTIONSBROKER NON-VOTES
66,060,852100,503171,734N/A
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