InterPrivate III Financial Partners in a proxy filing seeks a deadline extension of up to three months until June 9, 2023. The SPAC also wants shareholder approval for management to liquidate and redeem shares before the deadline, if deemed appropriate.
A vote on the proposals is scheduled for Dec. 21.
InterPrivate III has a merger agreement with Aspiration, an environment-focused fintech. The deal values the combined company at $2.3 billion.
At deal announcement in August 2021, terms called for Aspiration’s shareholders to receive at least 175 million shares of InterPrivate III common stock, as well as up to an additional 100 million shares based on the performance in the share price over a 5-year period. A $200 million PIPE in support of the deal includes participation by funds and accounts managed by Financière Agache (the Bernard Arnault family office), Doha Venture Capital in Qatar, Capricorn Investment Group, Serengeti Asset Management, Brand Capital International (the strategic investment arm of The Times Group), Western & Southern Life Insurance, InterPrivate Capital, AGO Partners, and Drake. Read more.
