Tuscan Holdings II in an 8-K said its sponsor had deposited into trust $86,397.33 for the fourth month of the SPAC’s deadline extension to Dec. 31. This brings the sponsor’s total contributions to $348,207 for the extension period to date.
Tuscan II has a merger agreement with electric aviation and air travel company Surf Air Mobility, which would then acquire commuter airlines Southern Airways in a deal valuing the combined enterprise at $1.42 billion.
Announced in May, the deal would fetch up to $467 million in gross cash proceeds, including committed capital from iHeartMedia, and Partners For Growth, and an equity line from Global Emerging Markets, as well as from THCA’s cash in trust (assuming no stockholder redemptions). The deal is also conditioned on the closing of the acquisition of Southern Airways. Read more.
