Trident Acquisitions said it will ask stockholders to extend the time to complete a business combination for an additional three months to Sept. 1, subject to an additional three month extension to Dec. 1.
A proxy supplement outlining the request shows the SPAC changed the vote required to amend the trust agreement for extending the merger deadline from a majority of the outstanding shares of common stock sold in the IPO to a majority of the outstanding shares of common stock.
For each month of the extension, if the daily volume weighted average price of the SPAC’s stock for any 10 consecutive trading days in the prior month is below $11.40 per share, Trident must deposit 5 cents for each public share of common stock that was not redeemed.
This is the SPAC’s third deadline extension. Trident’s board said in February that directors approved a deadline extension for the SPAC to complete its proposed business combination with Lottery.com to June 1. That extension was made four days after the deal was announced.
Trident’s stockholders approved the first extension in November 2020.
The deal with Lottery.com values the combined enterprise at $526 million. Read more.
