Silver Crest Acquisition in an 8-K filing said it expects to close the deal with Tim Hortons China on Sept. 28. The SPAC’s stockholders approved the deal last month, although redemptions nearly wiped out the cash in trust.
Silver Crest in today’s filing said 33,118,864 out of the 34,500,000 Class A ordinary shares outstanding were redeemed, or about 96%.
PIPE financing is 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. Tims China also has a deal with an investor who agreed to buy up to $100 million in stock of the combined company over three years after closing the SPAC merger. Read more.
