Welsbach Technology Metals Acquisitions in an 8-K filing said shareholders voted in favor of granting an extension on its proposed merger with WaveTech until September. The SPAC’s sponsor will deposit $125,000 into trust for each month required.
However, 4,097,964 shares were redeemed ahead of the vote, wiping out $42.5 million and leaving approximately $37.7 million in trust.
As announced in November, the WaveTech deal carried a pro forma enterprise value of $228 million.
WaveTech is a technology company specializing in next-generation battery-enhancing technologies. Read more.
