Slam Corp. in an 8-K said shareholders approved an extension that gives the SPAC until Jan. 25 to complete a deal with the option, at the board’s discretion and without further shareholder approval, to push the deadline as far back as Dec. 25, 2024.
The SPAC was founded by major leage baseball legend Alex Rodriguez.
Slam said 16,257,204 shares were redeemed at approximately $10.85 per share, totalling $176,359,122. After cashing out the redemptions and a deposit of $80,000 into trust for the first month under the new extension, Slam said the trust balance will be approximately $98,558,243. As of Dec, 20, there were 9,077,959 shares outstanding.
The SPAC earlier this month announced a non-binding letter of intent for a potential merger with Lynk Global, a satellite-direct-to-standard-phone (“sat2phone”) telecoms provider.
Slam raised $575 million in a February 2021 IPO, initially to target businesses in the sports, media, entertainment, health and wellness and consumer technology sectors, but not professional sports franchises. Redemptions since the IPO had already claimed nearly 56% of the trust before the latest extension vote and further redemptions. Read more.
