SPAC two (NYSE: TWOA) in an 8-K said yesterday’s shareholder meeting to vote on a deadline extension was adjourned to Dec. 29 at noon Eastern. The delay is to allow shareholders additional time to vote, according to the filing.
Shareholders will consider a proposal to push two’s completion deadline to July 2024. If approved, the sponsor has agreed to deposit the lesser of $165,000 or 3.5 cents a share into trust for the first two months, beginning Jan. 2. After that, the deposit would be the lesser of $82,500 per month or 1.75 cents a share for the remaining extension period.
The SPAC has a deal in hand with LatAm Logistic Properties, announced in August at an enterprise value of $578 million.
Terms call for a minimum of $25 million in net cash proceeds from the merger with the real estate company, which assumes 70% redemptions by TWOA’s public shareholders. Read more.
