FoxWayne Enterprises Acquisition in a preliminary proxy said it is seeking a merger deadline extension of up to six months until July 2023 to close its proposed merger with Clover, a live streaming company focused on Gen Z and Millennial audiences and creators.
The SPAC last month pushed the deadline back to Jan. 22. In the latest regulatory filing, FoxWayne seeks an extension until at least April 22, 2023 and the authority to extend again if necessary, until July, without another shareholder vote.
As announced in September, transaction terms call for FoxWayne to issue 15.745 million shares of its common stock, or approximately $157.45 million. Current Clover stockholders will convert 100% of their existing equity into common stock of the combined company and will own a majority of the outstanding shares post-closing. Read more.
