M3-Brigade Acquisition II filed a preliminary proxy in which it asks shareholders for a merger deadline extension until March 4, 2024.
Shareholders will also be asked to vote on a proposal to use accrued interest in the SPAC’s trust to cover any excise tax imposed on stock redemptions or repurchases, as the new tax, part of the Inflation Reduction Act, goes into effect Jan. 1, 2023.
The SPAC in February terminated a $2.85 billion merger deal with Syniverse by mutual agreement. The rate of M3-Brigade stockholder redemptions would have exceeded the minimum cash condition for closing, the SPAC noted at the time.
M3-Brigade II raised $400 million in a March 2021 IPO with plans to target North American businesses or companies with an enterprise value of at least $1 billion and have been impacted by the COVID-19 pandemic, or businesses in the renewable energy sector. Read more.
