Betsy Cohen’s FTAC Emerald Acquisition won a four-month extension to Jan. 19, 2024, but lost 34% of its shares to redemptions.
Holders of 9,239,192 shares redeemed stock totalling nearly $97 million. The SPAC said 15,630,150 shares remain outstanding. FTAC Emerald held about $251 million in trust before redemptions. Aditionally, the sponsors converted all of their Class B shares into Class A stock.
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.
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