As yet another reminder of the changing nature of SPACs and their shareholder base, and the new risks involved with a shareholder vote, Collective Growth (CGRO) is currently facing its own “shortage” of shares that are participating in its vote tomorrow to complete its combination with Innoviz.
Of the 42.5% that have already voted, 99% have voted yes. The problem is, CGRO needs to meet the threshold of a quorum by getting that number to 50%. As a reminder, if you owned Collective Growth (NASDAQ: CGRO) stock on March 4, 2021, you are eligible to vote.
This is a very similar situation to Switchback Energy, which had just 45% of shares outstanding participating before needing to adjourn its meeting while trying to complete it’s combination with ChargePoint. Both Landcadia II and Forum Merger II had the same problem with their own votes.
There’s a lot of talk about “disruption”, but frankly, the proxy solicitation process seems especially ripe right now for someone to fix situations such as this. Particularly since so many new retail investors have had trouble navigating the shareholder vote process on their trading platforms.
Below is some additional information if you need help with voting.
Electronic voting platforms are open until 11:59 p.m., Eastern time tonight.
Or, you can call D.F. King & Co., Inc., Collective Growth’s proxy solicitor, toll-free at (800) 515-4479.
Email CGRO@dfking.com with any questions on how to vote.
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