Breeze Holdings Acquisition announced that shareholders approved a deadline extension up to June 26, 2024, although further redemptions have now left the SPAC with 12.6 million in trust, according to an 8-K.
The SPAC has a deal with ammunition manufacturer TV Ammo, which would be renamed True Velocity if the merger closes. At deal announcement in Niovember 2022, the combined company was expected to have an estimated post-transaction enterprise value of $1.21 billion, consisting of an equity value of $1.24 billion, $76.8 million in cash and $50 million in debt.
Cash proceeds raised will consist of Breeze Holdings’ remaining cash in trust (before any further redemptions and payment of any transaction expenses) and $100 million in anticipated new capital, expected to be split between debt and equity.
The SPAC originally raised $100 million in a November 2020 IPO with plans to target natural gas and crude oil companies. Read more.
