Less than a week after selling its sponsorship stake to a new management team, Trajectory Alpha Acquisition in an 8-K said tomorrow’s shareholder meeting to consider a deadline extension has been postponed to June 12. The SPAC has yet to announce a deal and faces a June 14 termination deadline. The extension proposal would move the deadline to March 2024, if approved.
In return, the SPAC’s new sponsor would deposit into the trust account the lesser of $150,000 or 4 cents a share for each month required under the extension.
Trajectory Alpha last week agreed to sell its sponsor shares for $250,000 plus $1 to J. Streicher Holdings. The sponsor will transfer to the acquirer 2,170,464 Class B shares and 4,525,000 warrants. Concurrently with the execution of the agreement comes a change in management and board members. Paul Davis, the COO of J, Streicher, became the new CEO of Trajectory Alpha.
The SPAC raised $174.2 million in a December 2021 with the objective of merging with a disruptive, technology-driven business that leverages unique intellectual property and proprietary data. Read more.
