Pathfinder Acquisition in an 8-K filing today disclosed that merger partner ServiceMax will lower the minimum cash condition for the deal by $100 million, which is the amount of the term loan obtained by ServiceMax in connection with its recent acquisition of LiquidFrameworks. The minimum cash required is now $125 million. Pathfinder and ServiceMax will also adjust the maximum redemption condition to a level that matches the adjusted $125 million minimum cash condition, according to the filing. Pathfinder will conditionally forfeit the 4.25 million private placement warrants of Pathfinder held by the sponsor.
The SPAC has scheduled a Dec. 7 meeting for shareholders to vote on the deal, which values the business combination at $1.4 billion.
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