North Atlantic Acquisition has pushed back a shareholder vote on its proposed merger with TeleSign until June 1. The vote had been scheduled for today.
Although the SPAC in a news release said there were already sufficient votes to approve the deal, not all of the closing conditions have been satisfied. The postponement is intended to permit more time to satisfy the closing conditions, the SPAC said, without offering specifics.
The redemption deadline is postponed to May 27.
The closing condition in the merger agreement requires North Atlantic to bring at least $200 million cash in trust to the table. North Atlantic raised $379.5 million in a January 2021 IPO.
As announced in December, TeleSign is expected to have approximately $437 million in net cash (assuming no redemptions by NAAC’s shareholders), post-merger. This includes a fully committed PIPE of $107.5 million from investors including SFPI-FPIM. Proximus Group is not selling any of its shares in the transaction and will own 66.5 percent of the combined company upon completion of the deal (again, assuming no redemptions).
Founded in 2005, TeleSign provides solutions for security, authentication, fraud detection, compliance and reputation scoring.
The deal implies a pro forma enterprise value of approximately $1.3 billion. Read more.
