7GC & Co. Holdings entered into a 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 247,000 shares of Class A stock, according to an 8-K filing.
The goal is to shore up shares ahead of an extension vote that, if approved, would move the SPAC’s deadline from from June 28 to Dec. 28. In return, the holder would receive 30,875 sponsor shares.
The extension vote initially scheduled for today has been postponed until June 26.
The SPAC in December announced a merger agreement with Banzai International, an end-to-end video engagement platform for marketing, in a deal valued at $380 million, with the target due to receive $230 million the SPAC held in trust at the time. Since then, redemptions have claimed nearly 78% of the 7GC trust. Read more.
