Global Consumer Acquisition in a proxy filing set a Nov. 10 meeting for shareholders to vote on the proposed mergers with Luminex Home Decor & Fragrance and GP Global.
If the SPAC’s shareholders approve the deal, GP Global and Luminex will become wholly-owned subsidiaries of the SPAC, which will change its name to Ascense Brands and trade on the Nasdaq under new ticker symbol SCNT.
As announced in December, the transaction is expected to provide Ascense Brands with approximately $117.5 million in cash proceeds to its balance sheet — assuming no redemptions. The SPAC raised $170 million in its June 2021 IPO.
The SPAC has secured two extensions since the deal was announced.
Last month the parties said they have agreed to remove the $180 million minimum cash condition for closing, provided the SPAC uses commercially reasonable efforts to secure additional financing. Read more.
