D and Z Media Acquisition today convened and adjourned a shareholder meeting without conducting any businesss, postponing the meeting until 1:30 p.m. Eastern Time on Dec. 19. The deadline to r3edeem shares in connection with the proposal was extended to Dec. 15.
The SPAC wants to puswh back its termination deadline from Jan. 28 to Oct. 31, 2023.
In return, for the first month of the extension the SPAC ‘s sponsor would deposit into trust the lesser of $240,000 or 12 cents per public share multiplied by the number of public shares outstanding on the original termination date. Fior additional monthly extensions the sponsor would deposit the lesser of $80,000 or 4 cents per share.
D and Z raised $250 million in a January 2021 IPO. Led by former NYSE executive Betty Liu, the SPAC’s focus is on media, education technology, or ed-tech, and other related industries. Read more.
