American Acquisition Opportunity in an 8-K filing said shareholders redeemed $90.33 million in stock as part of the SPAC’s effort to secure an extension amendment. The amount represents more than 90 percent of the SPAC’s cash held in trust. American Acquisition Opportunity raised $100 million in an IPO a year ago this month.
The SPAC also disclosed a forward purchase agreement allowing certain investors to sell and transfer via redemption on the earlier of the closing of the SPAC’s initial business combination and Sept. 22, which is the new merger deadline, for $10.35 per share. Those investors collectively hold about 1.12 million shares.
The SPAC is focused on land and resource holding companies, with the potential to create, support, and/or innovate for the new economy. Read more.
