Delwinds Insurance Acquisition in a regulatory filing said it has received requests to redeem a total of 10,991,407 public shares ahead of tomorrow’s shareholder vote on whether to combine with FOXO Technologies. Redemptions erased about 99.5% of what the SPAC had left in trust.
In anticipation of this outcome, Delwinds had shored up a forward purchase agreement for the sale of 3 million shares to offset part of the $10 million in backstop commitments from Delwinds sponsor and maangement team. The SPAC also has $40 million committed equity facility that was revealed at deal announcdement in February, plus a $22.5 million convertible debenture.
There is no minimum cash closing condition on this deal.
Delwinds also announced that it will transfer from the NYSE to the NYSE American.
Delwinds said pending the outcome of tomorrow’s shareholder vote, FOXO would begin trading Friday on the NYSE American.
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