Capitalworks Emerging Markets Acquisition in an 8-K said it entered into an additional non-redemption agreement with an unaffiliated third party in exchange for the holder agreeing either not to request redemption, or to reverse any previously submitted redemption demand covering 399,737 shares. In return, the holder would receive 99,935 shares.
The agreement covers the SPAC’s upcoming shareholder vote on extending the merger deadline from June 3 to March 3, 2024. If the extension wins shareholder approval, Capitalworks will deposit $50,000 per month — up to $450,000 — into trust.
Capitalworks last week signed a non-redemption agreement covering 400,000 shares, with a payout of 100,000 shares to the holder.
Capitalworks has a merger agreement with reinsurance and digital insurance provider Lexasure Financial Group at a pre-money equity value of $250 million. Read more.
