7GC & Co. Holdings in an 8-K said it had signed 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 250,000 shares of Class A stock. The agreement comes just ahead of today’s extension vote in which the SPAC asks shareholders to approve moving its deadline from June 28 to Dec. 28. In return, the participating investors would receive 31,250 shares of Class B stock.
7GC last week disclosed a separate non-redemption agreement covering 247,000 shares.
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.
