Better World Acquisition in a proxy filing updated shareholders in advance of next week’s vote on a deadline extension.
The SPAC said any redeemed shares would be cashed out for approximately $10.58 each, after taking into account the removal of a portion of the accrued interest in the trust to cover taxes. The SPAC will not use any trust funds to cover an excise tax.
Better World wants to extend its Feb. 17 deadline to Aug. 17. If shareholders approve, the SPAC has agreed to increase its monthly deposit into trust to 4.5 cents a share, up from 4 cents a share.
The SPAC is still soliciting proxies ahead of the Feb. 8 meeting to consider the extension proposal.
Better World has a deal in hand with Heritage Distilling Holding Company, a craft distiller. The deal has a pro forma enterprise value of $122.2 million.
Note: this story has been updated to reflect the fact the SPAC will not use any funds in trust to pay an excise tax on share redemptions. Read more.
