Welsbach Technology Metals Acquisition in an 8-K said it plans to discuss a non-redemption incentive with certain investors ahead of an upcoming deadline extension vote.
The incentive would take the form of newly issued shares in any post-merger company. Welsbach does not have a deal in hand, but disclosed earlier this month it has signed a non-binding letter of intent for a business combination with a target in the critical materials space.
The SPAC at a Thursday meeting will ask shareholders to vote on an extension from Sept. 30 to up to June 30, 2024.
Welsbach in June called off a merger with WaveTech Group by mutual agreement.
Redemptions ahead of an extension vote in March wiped out more than half the SPAC’s trust. Welsbach as of June had about $37.7 million in trust.
The SPAC raised $75 million in a December 2021 IPO. Read more.
