LAMF Global Ventures I in an 8-K said it added non-redemption agreements with unaffiliated third party investors who will hold onto 1.3 million shares through the SPAC’s extension vote coming up Thursday. LAMF seeks shareholder approval to push its termination date from May 17 to Nov. 17 and again, in monthly increments as necessary, until May 24.
In return, the participating investors would receive a number of sponsor shares equal to 21% of the non-redeemed shares, or 273,000 shares. For each additional monthly extension, the non-redeeming investors would get sponsor shares equal to 3.5% of the non-redeemed shares, or 45,500 shares for each additional month, up to 546,000 shares if all extensions are used.
LAMF late last month singed a non-binding LOI for a potential merger with Nuvo Group, creators of INVU by Nuvo, an FDA-cleared remote pregnancy monitoring platform.
The LOI contemplates a pre-money equity valuation of $269 million, excluding a seller earnout of approximately $31 million.
LAMF raised $220 million in a November 2021 IPO with plans at that time to target media, entertainment and sports companies, as well as opportunities within e-commerce and technology. Read more.
