Silver Crest in an 8-K filing said it will allow redeeming shareholders to reverse their election until 5 p.m. Eastern on Sept. 16. This follows shareholder approval of a merger with Tim Horton’s China two weeks ago after redemptions almost completely wiped out the SPAC’s trust. Shareholders who redeemed previously had until Aug. 29 to change their minds.
The deal termination date was also extended — to Sept. 30.
PIPE financing was expected to cover the deal’s $175 million minimum cash condition for closing. The SPAC’s sponsor had also agreed to forfeit 4.3 million promote shares and 4.45 million private placement warrants, which would go to non-redeeming investors.
Now, in the SPAC’s latest regulatory filing, it raises some question as to whether all closing conditions will be met. Read more.
