North Atlantic Acquisition announced that the shareholder vote scheduled for today on the TeleSigin merger has been postponed.
The SPAC two weeks ago today said it was pushing back the vote until June 1.
“A revised date for the extraordinary meeting will be announced in due course,” the SPAC said in a news release.
Although the SPAC has previously 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 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.
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