Home Plate Acquisition said it adjourned today’s rescheduled shareholder meeting until tomorrow at 3 p.m. for a vote on an extension deadline. The SPAC’s termination deadline is Wednesday, Oct. 4.
Shareholders are being asked to vote on a 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.
