A SPAC I Acquisition in an 8-K said its shareholder vote this week on a deadline extension has been pushed back to Feb. 13.
The sponsor has decided to change the amount to be deposited into trust for any additional one-month extension. Previously, for each additional one month extension up to Oct. 17, the SPAC would be required to deposit 5 cents a share for each of the first six one-month extensions and 6 cents a share for each of the last two one-month extensions. Instead, the proxy now calls for $90,000 to be deposited for each monthly extension, regardless of non-redeeming shares in connection with the vote. Assuming no redemptions, the $90,000 would be equivalent to 13 cents per share being deposited each month.
As of Dec. 31, there was almost $71 million in the trust. If the extension proposal is approved and the SPAC extends the deadline to Oct. 17, based on the trust balance and assuming no redemptions, the redemption price per share would be approximately $10.38, not including any interest, but net of taxes.
In a separate regulatory filing, the SPAC said it borrowed $500,000 from its sponsor for working capital. A promissory note for the full amount of the loan is convertible into warrants at $1 each.
A SPAC I raised $60 million in an IPO a year ago to target the technology and e-commerce industries with a focus in Asia and on companies with an enterprise value of between $250 million and $600 million, excluding any company in China. Read more.
