Ackrell SPAC Partners I in a regulatory filing announced a June 21 meeting for shareholders to vote on a deadline extension from June 23 to Sept. 23. The extension would allow the SPAC more time to complete the proposed deal with Blackstone Products, which manufactures high-end outdoor griddle cooking appliances and accessories.
This would be the second extension since the first was approved in March, when North Atlantic Imports, which does business under the Blackstone name and trademark, deposited $1.38 million into the SPAC’s trust account to further extend its merger deadline until June 23.
The Blackstone deal has a pro forma enterprise value of $900 million.
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.
If approved, Blackstone Products expects to apply for a Nasdaq listing under new ticker symbol BLKS. Read more.
