Avalon Acquisition announced today that its merger partner, The Beneficient Company Group, deposited $2,070,000 (10 cents a share) into the SPAC’s trust, which extends the deal deadline by three months to July 8. This is the last of the three-month extensions permitted under the company’s governing documents.
Dallas-based Beneficient is a provider of liquidity, data, custody and trust services to alternative asset holders. The combination with Avalon implies an enterprise valuation of $3.5 billion.
As announced in September, terms call for the target to receive $200 million in gross proceeds from Avalon’s cash in trust – assuming no redemptions. Read more.
