Pacifico Acquisition in an 8-K filing said its shareholders voted in favor of merging with Caravelle Group, a provider of international shipping services and a carbon-neutral solution for wood desiccation. While the vote was overwhelmingly in support of the deal, the SPAC noted that 99.56% of shares outstanding were redeemed.
The parties in August agreed to eliminate a $60 million PIPE as well as the $4 million minimum cash closing condition on their deal.
There was no indication in the latest filing as to when the transaction might close.
When the deal was announced in April, the transaction valued the combined company at a pro forma enterprise value of approximately $527 million with existing Caravelle shareholders rolling 100% of their equity into the combined company. Read more.
