Home Plate Acquisition said that it adjourned a today’s shareholder meeting without conducting any business and will reconvene Monday, Oct. 2 at 11 a.m. Eastern, which is two days before the SPAC’s termination deadline. Shareholders are being asked to vote on an extension proposal that would give the SPAC until Dec. 22 to close a deal.
Home Plate has a merger agreement with Athens, Greece-based Heidmar, a commercial and pool management business servicing the crude oil and refined petroleum product tanker market.
Announced in March at an implied equity value of $261.4 million, terms originally called for a minimum cash raise of $55 million, in a combination of an expected PIPE and trust cash, as well as existing cash on Heidmar’s balance sheet.
The SPAC raised $200 million in an October 2021 IPO with plans at that time to acquire and manage a business in the FinTech and Embedded Finance sectors, including payments, digital assets, consumer finance, and other related areas.
Redemptions ahead of an extension vote six months ago whittled the trust down to about $23 million. The SPAC has said it is working to raise additional funds via a PIPE. Read more.
