Tristar Acquisition I in a filing said its shareholder meeting to consider a deadline extension has been pushed back to 4 p.m. today. The meeting was originally scheduled for yesterday, although the SPAC saaid in the filing it was unable to determine a quorum and so opted to adjourn.
The SPAC initially seeks to extend its deadline from today until Oct. 18 and the sponsor would, in return, deposit the lesser of 10.5 cents a share or $375,000 for each of the extra three months. Thereafter, the sponsor will deposit the lesser of 3.5 cents a share or $125,000 per month into trust if shareholders approve a longer extension.
Tristar last month said it terminated a letter of intent signed in March with an unnamed target. Read more.
