Pacifico Acquisition Corp. (NASDAQ:PAFO) disclosed this afternoon that its shareholders have approved its business combination with sustainable shipping company Caravelle during a special meeting held earlier today.
At today’s special meeting, 6,194,813 shares voted by proxy or in person, representing 82.65% of the total outstanding shares. The business combination was overwhelmingly approved as it received a total of 6,155,465 votes in favor of it, with just 39,348 votes against it.
But, Pacifico’s public stockholders holding 5,724,921 shares of common stock, representing 99.56% of all outstanding public shares, elected to redeem their public shares. This leaves only 25,079 public SPAC shares remaining post-vote.
Nonetheless, the combined company is expected to trade on the Nasdaq once the deal is completed. Back in August, the parties amended the transaction to waive the minimum cash amount of $4 million as a closing condition, and eliminate the PIPE investment amount of $60 million also as a closing condition.
The parties initially announced their $527 million deal on April 6, 2022. Singapore-based Caravelle has developed a technology for drying wet lumber aboard shipping vessels to reduce emissions and processing times.
ADVISORS
- Chardan is acting as M&A and capital markets advisor to Pacifico.
- Jun He Law Offices LLC is acting as legal counsel to Caravelle in the transaction.
- Loeb & Loeb LLP is acting as legal counsel to Pacifico
At the SPAC of Dawn Fed Chair Jerome Powell announced yesterday that the body intends to keep rates unchanged, earning him the moniker “FOOL” by US President Donald Trump. But, the announcement could bring some stability to market, which has seen macro factors pull it a variety of directions since the start of the year....
Tariffs, Trade Routes, and Tech: Freightos’ View from the Cargo Frontlines 2025 is shaping up to be a wild year for global trade, and few companies have a vantage point on the impacts of every-changing tariff policy quite like digital cargo-booking platform Freightos (NASDAQ:CRGO). This week, we catch up with Freightos CEO Zvi Schreiber. He shares...
NMP (NASDAQ:NMPU) has filed for a $100 million SPAC to conduct a broad search for a target, leveraging its team’s past consultancy work. The new SPAC’s units are set to contain one right to a 1/5 share. That is more generous to investors than the unit structure for Maxim Group’s other new SPAC filing this...
At the SPAC of Dawn Futures are green ahead of the Fed Chair Jerome Powell’s highly anticipated press conference at 2:30 pm ET today following two days of Federal Reserve meetings. Several other Fed members are expected to speak on Friday, but any news on rate changes is likely to come out of today’s speech,...
Dune Acquisition Corporation II (NASDAQ:IPODU) announced the pricing of its $125 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “IPODU”, Wednesday, May 7, 2025. The new SPAC aims expects to conduct a broad search for a combination target, but is interested in companies that are in the...