Coliseum Acquisition in a regulatory filing saaid it entered into non-redepmtion agreements with investors who will hold onto 2,045,000 Class A shares through the SPAC’s upcoming meeting to vote on a deadline extension. In return, those investors would be paid 460,000 founders shares for the first extension up to June 25, 2024, if shareholders approve the measure, and another 153,375 founder shares if a second extension is deployed up to Sept. 25, 2024.
The SPAC’s original sponsor in June sold its stake in the company to Berto LLC, an affiliate of Harry L. You. The sale covered 2,625,000 Class B shares and 2,257,500 warrants for an aggregate purchase price of $1 plus the acquirer’s agreement to advance funds to the SPAC for its deadline extension.
The SPAC raised $150 million in an IPO two years ago to target consumer product, service and media companies at the intersection of sports, entertainment, digital media and/or technology. Read more.
