Rose Hill Acquisition in a proxy filing seeks a second deadline extension on its merger with Prize, an exporter of superfruits based in Chile. The latest proposal calls for moving the deadline from July 18 to Jan. 18, 2024.
As announced in October, the combination had an initial enterprise value of approximately $425 million.
The deal was expected to deliver in $65 million in total cash proceeds to Prize. More than 14 million shares were redeemed ahead of the SPAC’s first extension vote in January, which would have essentially wiped out the SPAC’s cash in trust.
However, Rose Hill has said it will seek a PIPE offering that, if obtained, is expected to result in the $65 million in total cash proceeds to Prize after closing, including the remaining cash held in the SPAC’s trust account (following any further redemptions). The SPAC has also entered into a definitive $150 million standby equity purchase agreement with Yorkville Advisors as an additional equity financing source for future opportunistic expansion for the combined company.
Rose Hill raised $125 million in an October 2021 IPO. Read more.
