Pearl Holdings Acquisition in a regulatory filing said shaereholders voted in favor of pushing the SPAC’s deal deadline back to December 2024, with nearly 17.5 million shares to approve the extension and about 3.6 million against.
The SPAC noted that 17,832,307 Class A shares were redeemed at approximately $10.71 per share, removing $191 million from the trust. Pearl’s trust now stands at about $23.3 million.
The SPAC earlier this week said it entered into non-redemption agreements covering 1.875 million shares ahead of an upcoming extension vote. Participating investors in the NRA would receive 420,000 shares if they hold their stock until the SPAC completes a deal.
Pearl in June said it signed a letter of intent with an unnamed target for a potential business combination. Since then there has been no further announcement on the LOI.
There is no plan to enrich the trust with more cash following the extension approval. Read more.
