Investcorp Europe Acquisition I in a proxy filing seeks a deadline extension of six months, until June 17, 2024, as it works to complete a merger with OpSec Group. The proposal does not include additional deposits into the SPAC’s trust in return for a favorable vote on the extension.
The target is a global provider of brand protection solutions and intellectual property management.
The deal was announced in April at a pro forma enterprise value of $426 million. If the deal is approved, OpSec Group would likely trade on the Nasdaq, where Investcorp Europe I presently lists.
The transaction is supported by a $50 million backstop by the SPAC’s sponsor, with up to $199 million in gross transaction proceeds, less any redemptions by Investcorp Europe shareholders. Any incremental proceeds will be held on the balance sheet, with current investors rolling 96% of their pro forma ownership into the merged enterprise.
OpSec Group employs materials scientists, optical engineers, and product designers who work alongside IP professionals, investigators, online analysts, and software engineers. Its global team of approximately 1,300 people work to ensure the integrity of brands and their IP around the world, operating from secure production facilities, design labs, service hubs, and a security operations center.
The SPAC currently holds nearly $208 million in trust as of Oct. 31, according to the proxy, down from the $352 million raised in an upsized December 2021 IPO and from the sale of private placement warrants. Read more.
