Tech and Energy Transition shareholders denied the SPAC’s proposal for a deadline extension, according to an 8-K filing, so the company intends to redeem stock and shutter operations March 27. Payouts are expected to follow March 29.
The vote was 42.46% against an extension, with 36.6% in favor.
The per-share redemption price is expected to be approximately $10.18.
The SPAC raised $385 million in an IPO two years ago to target companies that use or facilitate disruptive, differentiated technology to build, enable, service or manage businesses or infrastructure undergoing transformation. Read more.
