Marblegate Acquisition in a proxy filing wants shareholders to apprve a merger extension until January 2024. The SPAC wants the extra time to complete its deal with DePalma Companies, which hold taxi medallion assets in Chicago, New York and Philadelphia. If approved, the combined company is expected to trade on the Nasdaq.
Announced in February, the deal values the merged company at $755 million, which includes a $5 million minimum cash condition to close.
If Marblegate shareholders ultimately vote in favor of the merger, Marblegate Asset Management, a hedge fund affiliate of the SPAC’s sponsor, will sign a management services agreement to oversee the combined company.
Marblegate raised $300 million in an October 2021 IPO, although redemptions since then have whittled the trust down to about $10.23 million. Read more.
