Clean Energy Special Situations in an 8-K said it has adjourned today’s shareholder meeting until Aug. 28 for consideration of an extension.
The delay is due to a recalculation of the per-share redemption price, which was initially determined to be $10.36 though subsequently adjusted to $10.18 to account for taxes. However, the SPAC said it would still honor the higher amount for shareholders opting to redeem their stock.
At the meeting, which is also the date of the SPAC’s current termination deadline, shareholders will be asked to vote on extending the SPAC’s termination deadline in monthly increments until May 2024. If approved, the SPAC’s sponsor has agreed to deposit a loan of 7.5 cents a share into trust for each of the first three months, then 2.5 cents a share for each extra month until the May deadline.
Formerly known as Springwater Special Situations, the SPAC in February lost more than 88% of its trust to redemptions on an earlier extension vote.
Springwater raised $150 million in an August 2021 IPO. Springwater in its initial S-1 registration said it would target “media, engineering construction, engineering services, facility management and services, food and beverages, semiconductor, aerospace, paper and pulp, logistics and distribution, IT services, software solutions, tourism, hospitality, aviation, retail, precious metals trading and services, oil and gas, renewable energies, environmental services, steel, household appliances, construction materials and shipping and cruise industries.”
The name changes suggests the SPAC’s target focus may also have changed. Read more.
