Schultze Special Purpose Acquisition II in an amended proxy today announced a Class B stock conversion if shareholders approve a deadline extension next week. The SPAC wants to push its April 13 termination date to Oct. 13.
If the measure is approved at the April 4 meeting, the SPAC said all holders of Class B stock will convert their shares to Class A and give up the right to receive any trust funds as a result of the conversion.
The conversion would result in an additional 4.125 million shares of Class A Common Stock outstanding upon completion.
Shultze II raised $150 million in a September 2021 IPO to target companies that may be experiencing liquidity constraints, are financially stressed or have experienced and emerged from a financial restructuring.
Shultze II is led by Chairman, President and CEO George J. Schultze, J.D., who is also the managing member, chairman of Investment Committee and chairman of Strategy Committee and founder at Schultze Asset Management. Read more.
