A day after announcing it would push an extension vote to next week, Crixus BH3 Acquisition disclosed that it will sell its sponsor stake to Focus Impact BHAC for $16,288.27. The sale includes 3,746,303 shares of Class B stock and nearly 4.2 million private placement warrants.
As a condition to the purchase, six of the seven existing board members and the management team will resign, one new board member selected by the sponsor and five new board members and a new management team selected by the new sponsor, will be appointed by the remaining existing board member.
At the Oct. 6 meeting, shareholders are expected to vote on an extension proposal that would give the SPAC until July 2024 to complete a deal. A separate proposal, if approved, would allow holders of Class B stock to convert their shares into Class A stock at will.
Crixus BH3 raised $200 million in an IPO two years ago to focus on businesses that manage, finance, operate, construct, control, own or support real estate or which derive a large component of revenue from real estate, construction or infrastructure related activities. It has yet to announce a deal. Read more.
in a filing said Friday’s shareholder meeting to vote on a deadline extension has been pushed back to Oct. 6 at 9:00 a.m. The SPAC wants to set a new deadline for July 2024. A separate proposal, if approved, would allow holders of Class B stock to convert their shares into Class A stock at will.
Crixus BH3 raised $200 million in an IPO two years ago to focus on businesses that manage, finance, operate, construct, control, own or support real estate or which derive a large component of revenue from real estate, construction or infrastructure related activities. It has yet to announce a deal.
