Betsy Cohen’s FTAC Emerald Acquisition announced today this this afternoon’s shareholder meeting to vote on an exension has been adjourned until tomorrow, Sept. 19, at 4:30 p.m.
The redemption price is estimated to be $10.47 per share.
FTAC Emerald shareholders were to meet last Friday, although the vote was rescheduled for two different times today before the latest postponement. The SPAC’s completion deadline is Wednesday.
The SPAC wants to move its completion deadline from Sept. 20 to Jan. 19, 2024.
FTAC Emerald earlier this month 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 return, 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.
FTAC Emerald raised $220 million in a December 2021 IPO to focus on sustainable businesses. Read more.
