Altimar Acquisition III in an 8-K said it convened and adjourned its shareholder meeting today without voting on an extension proposal. The meeting had been rescheduled from Wednesday.
Altimar III wants until September to complete a deal. The current deadline is March 8.
The SPAC intends to reconvene the meeting March 6 at 4 p.m. Eastern.
Redemptions totaled 15,801,410 ordinary shares, representing approximately 81.42% of the shares outstanding, the SPAC said.
As of Wednesday, the SPAC’s trust was nearly $159 million and the per-share redemption price was approximately $10.21.
Based on those figures, Altimar III might follow through on its warning in a proxy filed last month that it may choose to cancel the extension vote and liquidate if redemptions pull the trust below $40 million.
The SPAC is led by executives of HPS Investment Partners. Their Altimar Acquisition II closed a merger with Fathom Digital Manufacturing in December 2021.
