Ajax I in an 8-K filing today disclosed that 58,202,742 shares were redeemed ahead of the SPAC’s shareholder vote scheduled tomorrow on the proposed Cazoo merger.
At a redemption price of about $10 per share, that would remove more than $580 million from the SPAC’s trust account. Ajax I raised $750 million in an October IPO and reportedly had as much as $805 million in trust at the time the Cazoo deal was announced in March.
If the deal is approved, Cazoo, a UK-based online car retailer. would have an enterprise value of $7 billion.
The transaction includes an $800 million fully committed PIPE at $10 per share led by the AJAX sponsor team and D1 Capital Partners, and joined by Altimeter, funds & accounts managed by BlackRock, Counterpoint Global (Morgan Stanley) and Fidelity Management and Research Company, Marcho Partners, Mubadala Capital, Pelham Capital, Senator Investment Group and Spruce House Partnership. The AJAX sponsor team has committed $200 million to the PIPE.
AJAX was founded by investor Dan Och in partnership with Glenn Fuhrman and a team of strategic advisors including the founders of Chipotle, Instagram, Square and 23andMe. Read more.
