LF Capital Acquisition II announced that its stockholders meeting was adjourned yesterday without conducting any business and will reconvene tomorrow at 6 p.m. Eastern. LF II shareholders are expected to consider a proposal for increasing monthly extension payments to 4 cents a share, up from 3.3 cents.
The SPAC yesterday teased that it had entered into a non-binding letter of intent with a target company, a US-based manufacturer in the packaging industry with a blue-chip customer base subject to multi-year contracts, the SPAC said.
The current merger deadline is Feb. 19.
The SPAC raised $258.75 million in a November 2021 IPO to target companies with a disruptive business model in the financial technology or services, technology, digital asset or consumer sectors.
LF II also said its sponsor elected to convert 6,268,750 shares of Class B Common Stock it holds on a one-for-one basis into Class A common stock. Following the conversion, the SPAC had 32,143,750 shares of Class A Common Stock issued and outstanding and 200,000 shares of Class B Common Stock. Read more.
