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.


At the SPAC of Dawn Rare earth miner MP Materials (NYSE:MP) was one of the early winners of the 2020 SPAC boom, having picked up momentum following its 2020 deal with Fortress Value. But, the company’s news that it will become a major supplier of battery materials for Apple’s empire of electronic devices has sent...
Solarius Capital Acquisition Corp. (NASDAQ:SOCAU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “SOCAU”, Wednesday, July 16, 2025. The new SPAC plans to combine with a target in the asset management, wealth management or financial services industries. Solarius Capital’s management team...
Exciting new things are coming for SPACInsider subscribers, and some have already arrived! This summer, SPACInsider is unveiling the SPACInsider Alerts App on iOS with an Android launch soon to follow. The app allows subscribers to stay ahead of the SPAC market with real-time, customizable filing alerts with instant notifications landing the moment that a...
At the SPAC of Dawn Futures are largely green with the CPI reading coming up, and several SPACs and de-SPACs have cause to feel bullish regardless of what the reading states. Pharma and beauty company Longevity Health (NASDAQ:XAGE) announced it will acquire plasma collection firm True Health ahead of market open in news that has...
Silver Pegasus Acquisition Corp. (NASDAQ:SPEGU) announced the pricing of its $100 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “SPEGU”, Tuesday, July 15, 2025. The new SPAC plans to search within the technology sector, with a focus on semiconductors and systems solutions. Silver Pegasus Acquisition Corp.’s management...