A quick note on TKK Symphony (TKKS) and this morning’s announcement of their Tender Offer since there seems to be some confusion out there around why TKKS is not doing a standard shareholder vote and redemption. This is because TKKS is domiciled in the Cayman Islands AND it is also classified as a Foreign Private Issuer (FPI). As an FPI, the rules are a little bit different when it comes to closing a combination. Specifically, an FPI is required to conduct a tender offer rather than seek shareholder approval under SEC rules.
Nonetheless, TKKS commenced their Tender Offer today and it will run through November 15th, 5:00 p.m. ET. Additionally, the details of the Tender Offer are that TKKS is offering to purchase up to 25,000,000 of its outstanding shares at a purchase price of $10.26 per ordinary share. Interestingly, the purchase price of $10.26 represents the amount that was on deposit in the Trust as of October 14, 2019. However, the Trust will continue to earn interest and at November 15th, when the Tender Offer closes, the Trust should be around ~$10.28.
Terms Tracker for the Week Ending July 3, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. We’re heading into the July 4th holiday, so we’ll keep this week’s column short and to the point. But before you head to the beach,...
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