Alpine Acquisition in a regulatory filing said its sponsor loaned $400,000 for working capital.
If the SPAC completes a merger, the sponsor may opt to convert any part of the outstanding balance into warrants exercisable for a share at $11.50 each.
Alpine last month announced plans to merge with Two Bit Circus, billed as the operator of the world’s first Micro-Amusement Parks. Alpine also entered into a definitive agreement with affiliates of Atrium Hospitality, to acquire two full-service conference hotels with 739 rooms and 135,000 square feet of conference facilities in Denver, CO and Stamford, CT.
Alpine would pay $50 million in an all-stock transaction for Two Bit Circus and $65 million in cash and stock for the hotels.
If approved, upon closing Alpine will acquire Two Bit Circus and the hotels and undertake renovations of both properties. The properties will be rebranded to Revelers Resorts, using Two Bit Circus’s proprietary technology and entertainment experiences.
The combined company is expected to be renamed Two Bit Entertainment and would list on the Nasdaq under the symbol REVE.
The transactions are expected to close in the 3rd quarter. Read more.