DP Cap Acquisition I in an 8-K said it secured a non-redemption agreement with investors covering 4 million shares.
Stockholders Wednesday are set to vote on an extension proposal that would give the SPAC six extra months, until Nov. 12, to complete a deal. If approved, the measure would also allow the DP Cap board, without another shareholder vote, to push the deadline back as far as February 2024 in monthly increments.
In return for holding onto their shares, the participating investors would receive up to 1 million sponsor shares, plus another 500,000 shares if the SPAC extends its deadline to February of next year.
DP Cap said it may yet enter into additional non-redemption agreements.
DP Cap raised $200 million in a December 2021 IPO. The SPAC’s acquisition thesis is on the tech-enabled consumer and technology sectors, with a specific focus on e-commerce and marketplaces and enterprise software. Read more.
