Blockchain Coinvestors Acquisition Sponsors I said its sponsor entered into one or more non-redemption agreements with unaffiliated investors for an unspecified number of shares.
in exchange for an agreement not to redeem Class A ordinary shares of BCSA (the “Non-Redeemed Shares”) in connection with the extraordinary general meeting in lieu of the 2023 annual general meeting of shareholders called by BCSA (the “Meeting”) to approve, among other things, an extension of time for the Company to consummate an initial business combination (the “Extension Proposal”) from November 15, 2023 to May 15, 2024 (the “Extension”). In exchange for the foregoing commitment not to redeem such shares, the Sponsor has agreed to transfer to such investors an aggregate of 30,000 ordinary shares of BCSA held by the Sponsor per 200,000 Non-Redeemed Shares immediately following consummation of an initial business combination
Blockchain Coinvestors Acquisition I postponed the extension vote originally scheduled last month because the SPAC said it needed more time “to engage with its shareholders and consider redemption reversals.” The meeting is now set for Oct. 27 at 11:30 a.m. Eastern. The SPAC seeks shareholder approval to move its completion deadline from Nov. 15 to May 15, 2024.
Blockchain Coinvestors I raised $300 million in an upsized November 2021 IPO, although redemptions since then have left it with about $39 million in trust as of June 30, according to a 10Q filing.
The SPAC has a pending deal with crypto fintech Qenta, announced in November last year at an enterprise value of approximately $622 million. Read more.
