SilverBox Engaged Merger I stockholders approved the acquisition of Authentic Brands, parent company of Black Rifle Coffee Company. Approximately 92% of the votes cast at the meeting were in favor of the business combination, the SPAC said in a news release.
Silverbox I also announced that it is extending the deadline for stockholders to withdraw their redemption requests to 5 p.m., Eastern time Feb. 8.
The transaction is expected to close Feb. 9, pending satisfaction of all requirements. Both companies said in November that closing is a certainty due to existing PIPE commitments and a unique backstop feature.
The SPAC in a subsequent 8-K filing did not disclose redemption numbers.
Silverbox I before the merger vote announced it expected to deliver at least $373 million in gross proceeds to Black Rifle Coffee. The SPAC raised $300 million in an IPO a year ago and also supplemented those funds with a $100 million PIPE and a $100 million forward purchase agreement. Based on those numbers, redemptions from the SPAC’s trust were likely at least 42%. Read more.
