Tailwind Once Again Adjourns Stockholders Meeting on $1.4B QOMPLX Deal

Tailwind Acquisition

Tailwind Acquisition announced today that it convened and then adjourned, without conducting any other business, a meeting of stockholders who were set to vote on the SPAC’s proposed merger with QOMPLX. The meeting was adjourned until Aug. 1.

Tailwind on July 20 also convened and immediately adjourned a stockholders meeting ahead of a vote on the acquisition of the cloud-based data analysis platform.

No reason was given after either adjournment.

The SPAC earlier this month filed an 8-K disclosing that it had received notice from a law firm on behalf of shareholders concerning alleged material omissions in the preliminary proxy on the QOMPLX deal. The SPAC included supplemental disclosures to avoid the “nuisance, cost and distraction” of a lawsuit.

Announced in March, the combined company would receive approximately $280 million of gross proceeds from a $180 million PIPE, along with approximately $334 million cash held in trust, given approximately $200 million in cash acquisition costs, and assuming minimal redemptions by Tailwind’s stockholders. The PIPE includes participation from Cannae Holdings, Fidelity Management & Research Company, Hedosophia and RenaissanceRe Ventures, a subsidiary of RenaissanceRe.

If approved, upon closing the combined company will operate as QOMPLX and plans to list on the NYSE under QPLX. Read more.

Related Posts