Twin Ridge (NYSE:TRCA) announced this afternoon that it plans to convene and then adjourn its extraordinary general meeting of its shareholders originally to be held on September 26 at 11:30 a.m., Eastern Time. Twin Ridge intends to hold the new meeting at 11:30 a.m., Eastern Time, on October 3, 2023.
Additional details were not given as to the reason for the move, but meeting adjournments have become quite common in 2023 as companies work to put in place additional financing and backstop agreements. Just this morning, Twin Ridge announced it had added a $110 million structured equity facility to its combination with wheel manufacturer Carbon Revolution (ASX:CBR).
In connection with the adjournment, Twin Ridge is reopening and extending the deadline for its shareholders to exercise their right to redeem their Class A ordinary shares for their pro rata portion of the funds available in Twin Ridge’s trust account, or to withdraw any previously delivered demand for redemption, to 5:00 p.m., Eastern Time, on September 29, 2023 (two business days before the adjourned General Meeting).
The two sides initially announced their $270 million combination in November 2022. Geelong, Australia-based Carbon Revolution makes ultra-light carbon fiber wheels for the high-end automotive industry.
At the SPAC of Dawn As a rough week in the market comes to a close, at least one de-SPAC has some cause to show off. Many fashion brands were among the hard hit in recent days and not simply for macro reasons. Luis Vuitton-owner LVMH (PA:MC) dropped this week after an earnings miss led...
Shepherd Ave Capital Acquisition Corp. (Nasdaq: SPHAU) is the latest SPAC to file to IPO, making 24 new registration statements that have filed since June 1, 2024. So far, only two of those 24 have gone public, but it does indicate an active August. In SPACLand at least, August is never slow. As for Shepherd...
At the SPAC of Dawn SPACs have now priced 20 IPOs seven months into 2024 with an eye on beating 2023’s total of 31 IPOs. With a little more than 5 months left in the year, it’s expected that SPACs should at least match that number by only needing to price roughly two IPOs per...
DT Cloud Star announced the pricing of its $60 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “DTSQU”, Thursday, July 25, 2024. The new SPAC aims to combine with an established business with long-term financial visibility, but has not limited itself to a particular industry or sector....
Launch Two (NASDAQ:LPBBU) has filed for a $200 million IPO that shows how the market has shifted for new issuance since its sister SPAC Launch One (NASDAQ:LPAAU) filed just over a month ago. Both SPACs are underwritten by Cantor Fitzgerald and seeking nominally the same raise at IPO, but Launch Two is overfunding its trust...