PROOF Acquisition I in an 8-K said shareholders approved a deadline extension up to Dec. 3.
However, redemptions of just over $222 million took a massive bite out of the trust. The SPAC raised $240 million in a December 2021 IPO.
Redemptions totaled 21,156,902 shares at approximately $10.50 per share.
In connection with the approved extension, PROOF’s sponsor will deposit $480,000 into trust for the first three-month extension to Sept. 3.
The SPAC is targeting the enterprise software, health care, financial technology and consumer sectors for a potential deal. Read more.
