Capitalworks Emerging Markets Acquisition entered into non-redemption agreements with unaffiliated third parties who will hold onto 400,000 shares through the SPAC’s upcoming extension vote.
The proposal before shareholders would push the SPAC’s termination date from June 3 to March 3, 2024.
Capitalworks has a $250 million merger agreement with reinsurance and digital insurance provider Lexasure Financial Group.
Investors who are parties to the non-redemption agreement will receive 100,000 sponsor shares when the SPAC completes a deal.
According to an 8-K filing, as of May 15 the pro rata portion of the funds available in the SPAC’s trust account for redemptions will be approximately $10.49249855 per share.
If the extension wins shareholder approval, Capitalworks will deposit $50,000 per month up to $450,000 into trust. Read more..
