SPACInsider Logo
Tiberius (TIBR) Files for a “Fail-safe” Extension
by Kristi Marvin on 2020-02-27 at 5:28pm

Tiberius Acquisition Corp. (TIBR), announced today that in addition to their shareholder vote to complete their business combination with International General Insurance Holdings Limited (“IGI”), on March 13th, 2020, they will also be holding an extension vote on March 19th.

However, this is not unusual. Trinity Merger Corp., which is now Broadmark Realty (BRMK), had to do something similar since their vote date was very close to their expiration date as well.  A SPAC in that situation runs the risk of having a deal voted through, but running over their allotted time due to closing mechanics.  So think of this extension vote as Tiberius’s “fail-safe” insurance policy…which is fitting since they are buying IGI.

However, the particulars are that the extension vote will take place a few days after the combination vote, so this is only going to happen if they can’t get the paperwork done, or there’s a snowstorm or God forbid, there isn’t enough staff around due to the Coronavirus to actually mechanically close the deal.  It would be a real kick in the pants to have come this far and have a deal NOT close due to a technicality such as needing one more day for paperwork.

As such, there is no contribution to trust for Tiberius’s extension (it’s not that kind of an extension) and they are only asking for one month by extending to April 20th, 2020. Furthermore, this extension might not even happen if they can close the combination ahead of the extension vote.

However, as with any shareholder vote, shareholders will have the ability to redeem their shares at Tiberius’s extension vote. However, only shareholders who did not elect to redeem previously at the combination vote will be eligible to redeem at the extension vote.  And as is typical for SPACs, the redemption deadline to redeem at the extension vote will be two days prior, or March 17th.  Keep in mind that the combination vote date is March 13th, which means we will most likely not get any vote/redemption results right away since any information could potentially sway the extension results.  (Record date is February 14th, 2020)

All told, Tiberius has secured all the necessary regulatory approvals now from the UK Prudential Regulation Authority (PRA), Financial Conduct Authority (FCA), Bermuda Monetary Authority (BMA) and Dubai Financial Services Authority (DFSA), so it’s full steam ahead.  We should have a result in roughly three weeks time.





Recent Posts
by Marlena Haddad on 2022-12-08 at 5:35pm

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC Liquidations: Sierra Lake, Z-Work, Lerer Hippeau, and Climate Real Impact Solutions II Sierra Lake Acquisition Corp. Shareholders Approve Liquidation   Sierra Lake Acquisition Corp. (NASDAQ: SIER) announced today that due to its inability to...

by Nicholas Alan Clayton on 2022-12-08 at 2:28pm

Parsec Capital (NASDAQ:PCX) announced in an 8-K this morning that it has begun the process of liquidating its trust account, but the filing also curiously notes that the team is trying to carry on with its announced combination with Enteractive Media. The announcement matches what the SPAC said in its 10-Q filed November 18, that...

by Marlena Haddad on 2022-12-08 at 12:56am

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News: Palihapitiya blames Fed for crushing the blank-check bubble, and Hong Kong is set to regain top-three IPO ranking in 2022 SPAC king Chamath Palihapitiya says the Fed crushed the bubble in blank-check firms...

by Marlena Haddad on 2022-12-08 at 12:50am

PHP Ventures Acquisition Corp. (NASDAQ: PPHP) has entered into a definitive agreement to combine with ConstrucTech company Modulex Modular Buildings Plc (“Modulex”) at a valuation of $600 million. UK-based Modulex manufactures 3D volumetric steel modular buildings and harnesses emerging technologies to meet housing and infrastructure needs. The combined company is expected to trade on the...

by Nicholas Alan Clayton on 2022-12-08 at 11:53am

7GC & Co.  (NASDAQ:VII) has entered into a definitive agreement to combine with video engagement platform Banzai at an enterprise value of $380 million, or 17.3x its revenue in the 12 months ending in September 2022. Bainbridge Island, Washington-based Banzai provides a suite of virtual event management and analytical tools through a software-as-a-surface (SaaS) model....

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