Ackrell SPAC Partners I said its stockholders approved a merger deadline extension from June 23 to Sept. 23, giving the firm mor time to complete its proposed business combination 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 this month.
The SPAC is expected to deposit another $200,000 into the trust for each month it takes to close the deal up to the new September deadline. That funding comes from North Atlantic Imports, which owns Blackstone.
The Blackstone deal has a pro forma enterprise value of $900 million.
Stockholder redemptions on the latest deadline extension topped $89 million, according to the press release. That left about $53 million in Ackrell’s trust.
As announced in December, the transaction was supposed to provide approximately $95 million to Blackstone, which assumed no redemptions, as well as a $31 million PIPE and $111 million of convertible notes due 2027. The notes are linked to certain stock-performance thresholds. Read more.
