American Acquisition Opportunity in an 8-K filing announced shareholders approved a merger deadline extension to March 22. The deadline was due to expire yesterday.
The SPAC said 3,349,180 were voted in favor of the extension, with only 2 opposed. There was no mention in the filing of redemptions, if any. American Acquisition lost about 90% of its original trust in March on an earlier extension vote.
The transaction would result in gross proceeds of $16 million, less any redemptions and expenses.
Royalty focuses on current revenue streams through undervalued resources that fit the modern infrastructure market while making investments in assets that fit tomorrow’s electrification, mineral resources and infrastructure needs. Additionally, RMC looks at ways to monetize end of life assets through sustainable development and stakeholder engagement to generate cash flow.
If the deal is approved, upon closing Royalty Management expects to list on the Nasdaq under the ticker symbol RMCO. The surviving company will continue to be based in Fishers, Indiana.
The business combination values Royalty at an implied $111 million pro forma enterprise value, at a price of $10 per share, assuming no redemptions. Read more.
