7GC & Co. Holdings announced that its shareholders meeting scheduled for today has been postponed until tomorrow at 3 p.m. Eastern. The SPAC wants shareholders to approve a merger deadline extension of three months — to June 2023.
In return, the sponsor has agreed to deposit 18 cents per share up to $900,000 for shares not redeemed in connection with the extension vote, as well as the lesser of $300,000 (or 6 cents a share) that is not redeemed for each month of the extension period.
7GC earlier this month announced a merger agreement with Banzai International, an end-to-end video engagement platform for marketing, in a deal valued at $380 million. Proceeds are expected to consist of the SPAC’s approximately $230 million of cash in trust. Read more.
