Ackrell SPAC Partners I in a proxy filing called a June 21 meeting for shareholders to vote on a merger deadline extension, from June 23 to Sept. 23.
The SPAC said the extension would allow more time to complete the proposed deal with Blackstone Products, which manufactures high-end outdoor griddle cooking appliances and accessories.
Ackrell’s sponsor in March pumped $1.38 million into the trust account in exchange for pushing the deadline to the current date in June.
The Blackstone 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.
