FTAC Emerald Acquisition announced that its shareholder meeting to consider a completion extension is now rescheduled for 4:30 p.m. instead of 11 a.m. Sept. 18. The meeting was originally scheduled for yesterday, then postponed to the 18th.
The SPAC also said the per-share price for any redeemed stock will be approximately $10.47.
The SPAC wants to move its completion deadline from Sept. 20 to Jan. 19, 2024.
FTAC Emerald last week entered into non-redemption agreements with one or more unaffiliated third parties in exchange for them each agreeing not to redeem 1 million shares. In exchange for those commitments, the SPAC agreed to issue 62,500 Class A shares to each investor at the time of a business combination.
FTAC had faced a termination deadline in June, but just before it was due to expire the SPAC announced it had signed a letter of intent for a merger with an unnamed target. That automatically extended the SPAC’s runway to Sept. 20.
There has been no further announcement regarding the LOI.
Led by SPAC veteran Betsy Cohen, FTAC Emerald raised $220 million in a December 2021 IPO to focus on sustainable businesses. Read more.
