Juniper Industrial Holdings in an 8-K filing said its shareholders voted in favor of the SPAC’s proposed merger with self-storage manufacturer Janus International.
The vote was 34,858,734 shares in support of the merger with 108,933 against. Juniper said 11,150 shares of its Class A common stock were redeemed for approximately $10.05 per share, for an aggregate $112,070.65. Even though minimal, the cash-out shares seem peculiar since on the June 1 deadline for redemptions Juniper opened at $13.17.
Announced in December, the deal gives the combined company a pro forma implied enterprise value of approximately $1.9 billion and market capitalization of approximately $1.4 billion at closing.
The transaction is financed through $348 million of cash held in Juniper’s trust and a $250 million PIPE, which includes investments by Baron Capital Group, Fidelity Management & Research Company LLC, as well as members of Juniper’s Board of Directors, including Dave Cote, Former Chairman and CEO of Honeywell.
The company will continue to operate as Janus and will list on the NYSE under JBI. Read more.
