Tristar Acquisition I in an amended proxy filing said the shareholder meeting to consider a deadline extension has been pushed from July 17 to July 18, which is the SPAC’s current termination date. As a result, the redemption deadline has been moved to 5 p.m. today.
The extension proposal calls for a new deadline of Oct. 18, with the sponsor agreeing to deposit the lesser of 10.5 cents a share or $787,500 for the three-month period. At that point, should the SPAC need more time, it would be able to extend further to October 2024 in montlhy increments. In return, a deposit amounting to the lesser of 3.5 cents a share or $262,500 would be made into trust for each month required.
Tristar I last month said it terminated a letter of intent signed in March with an unnamed target, following discussions that had been ongoing “over an extended period of time.”
Earlier news reports noted that ViaPath Technologies, which provides telecommunications and other services to the incarcerated population across the US, was the target, although the SPAC never confirmed this.
As a result of the LOI, under the terms of its prospectus Tristar I was entitled to an automatic extension of its deadline to the current July 18 termination date.
The SPAC raised $200 million in an October 2021 IPO. Read more.
