Hunter Maritime, which is currently in the process of trying to complete their business combination with NCF Wealth Holdings Limited, announced that they have commenced a tender offer to purchase up to 2,173,750 of its Class A common shares at a purchase price of $10.215 per share. The Tender Offer will expire at 5:00 p.m. New York City time on March 15, 2019, unless extended or terminated.
As a refresher, Hunter is domiciled in the Marshall Islands, but they are also classified as a “Foreign Private Issuer (FPI). As such, an FPI cannot do a vote by proxy, they must do a vote by tender offer, per the FPI rules. However, the amount for the Tender Offer is a little curious. If you recall, at the time of the last Tender Offer to extend their completion deadline to April 23rd (which was offered at $10.125 per share), Hunter stated they would be contributing $0.03 per share for every month needed, starting on November 23rd. Since then, Hunter has contributed an additional $0.09. Hence, this is why they are offering shareholders to Tender at $10.215 ($10.125 + $0.09).
However, what about all the interest? According to our estimates, the current amount per share (including interest) in Hunter’s trust is $10.24. Potentially $10.25 by March 15th, when the Tender offer expires.
As we well know by now, Hunter’s prospectus allows management to use any interest earned for working capital. But by not offering shareholders some of that interest at the time of a Tender….well, that’s what got them into a whole big mess at the first go-around.
Stay tuned.
Terms Tracker for the Week Ending June 13, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. This week brought three new SPAC IPOs with pricings from BEST SPAC I Acquisition Corp., Blue Acquisition Corp. and Blue Water Acquisition Corp. III. All...
Starry Sea (NASDAQ:SSEAU) has filed for a $50 million SPAC with leadership that is making its debut as SPAC officers and a broad search mandate. The new SPAC is offering investors one right to a 1/6 share in each unit and a redemption opportunity coming at the end of its 15-month initial transaction deadline if...
At the SPAC of Dawn Israel’s bombing of sites in Iran has brought a new injection of uncertainty to the markets, which appear poised to open in the red. But, this may be a temporary factor after the week has also produced better-than-expected indicators on inflation. One more data point is set to come in...
Best SPAC I Acquisition Corp. (NASDAQ:BSAAU) announced the pricing of its $55 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “BSAAU”, Friday, June 13, 2025. The new SPAC plans to combine with a consumer goods company with a total enterprise value between $100 million and $600 million....
Blue Acquisition Corp. (NASDAQ:BACCU) announced the pricing of its $175 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “BACCU”, Friday, June 13, 2025. The new SPAC intends to combine with a target company within a manufacturing company or data center that aligns with green energy initiatives and...