AJAX I shareholders voted in favor of the business combination with Cazoo Holdings, an online European car buying platform.
Almost 62% of AJAX shares were voted. Nearly 96% of all votes cast were in support of the merger, the SPAC said.
Ajax I in an 8-K filing yesterday disclosed that 58,202,742 shares were redeemed ahead of the vote.
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. Terms at that time included the SPAC’s cash in trust as well as an $800 million PIPE.
The completion of the business combination is expected Aug. 26.
Cazoo Group shares and warrants are expected to trade on the NYSE beginning Aug. 27 under CZOO and CZOO WS. Read more.