AltEnergy Acquisition in an 8-K filing said it had entered into a non-redemption agreement with one or more unaffiliated investors who’ve agreed to hold onto 1.25 million shares as the SPAC asks shareholders for a deadline extension until May 2024.
In return, if and when AltEnergy closes a merger, the non-redeeming investors would receive 250,000 shares drawn from the sponsors’ holdings of Class B stock which will be converted into an equal number of Class A shares.
The SPAC’s shareholder meeting originally scheduled for yesterday was postponed until today at noon, although an announcement on the outcome has not yet been made.
AltEnergy raised $230 million in a November 2021 IPO to focus on companies engaged in clean and renewable energy. Read more.
