Almost three weeks after announcing liquidation plans, Global Partner Acquisition II announced that the SPAC’s sponsor will make a deposit to extend the termination deadline until Oct. 14.
The SPAC said it has negotiated a non-binding letter of intent for a merger with an unnamed target.
A deadline extension approved early this year prompted redemptions that wiped out approximately $265 million in the SPAC’s trust, or close to 87%. At the same time, Global Partner II switched sponsor control under a plan in which Endurance Global Partner II was to loan the sponsor up to $3 million in cash. The SPAC’s sponsor would then issue an unspecificed amount of equity securities to Endurance. As part of that agreement, control of the sponsor was transferred to affiliates of Antarctica Capital Partners.
The new CEO, Chandra R. Patel, is the founder of Antarctica Capital and has served as the managing partner of Antarctica Capital since 2010. Read more.
