Ackrell SPAC Partners I announced that $1.38 million has been deposited into the SPAC’s trust account to further extend its merger deadline from tomorrow until June 23. This is the last of the two extensions allowable under the company’s governing documents. The additional amount represents 10 cents per share.
The extension was funded by a promissory note issued by Ackrell to North Atlantic Imports, d/b/a Blackstone Products, which entered into a merger agreement with Ackrell in December.
Blackstone Products manufactures high-end outdoor griddle cooking appliances and accessories.
The Ackrell deal has a pro forma enterprise value of $900 million.
If approved, Blackstone Products expects to apply for a Nasdaq listing under new ticker symbol BLKS.
The transaction would provide approximately $95 million in estimated gross proceeds to Blackstone, assuming no redemption by Ackrell shareholders, including a $31 million PIPE and $111 million of convertible notes due 2027. The notes are linked to certain stock-performance thresholds. Read more.
