The sponsor of tech-focused SPAC two in an 8-K today disclosed it entered into a term sheet with HC Proptech Partners III, under which HC Proptech Partners will purchase up to 4,854,375 sponsor shares. Current directors and officers of the SPAC will resign, and new directors and officers designated by the new sponsor will be appointed. The SPAC itself is not a party to the term sheet.
HC Proptech Partners III is led by SPAC veteran Tom Hennessy.
The SPAC earlier this week said its shareholder meeting planned for Friday will now be held March 31. An extension vote is the main order of business, as the SPAC faces an April 1 deadline.
The SPAC wants until January 2024 to do a deal.
The per-share redemption price is estimated to be $10.17. The SPAC has not offered to sweeten its trust in return for a favorable vote on the extension proposal.
The blank-check company raised $200 million in an IPO two years ago. Read more.
