Global Partner Acquisition II in a regulatory filing said it was notified by the Nasdaq of potential delisting for failing to complete a business combination within 36 months of the effectiveness of its IPO registration statement — a continued listing requirement on the exchange. Shares could be suspended from trading as of Jan. 25, the SPAC was warned.
The SPAC said it intends to request a hearing to allow additional time to complete a business combination.
Global Partner II in October said it had negotiated a non-binding letter of intent for a merger with an unnamed target. That announcement came soon after the SPAC reversed its plan to liquidate.
The unnamed target turned out to be Stardust Power, a development stage US manufacturer of battery-grade lithium products. The deal has a pro forma implied enterprise value of $490 million for the combined company.
Global Partner II shareholders earlier this month approved a deadline extension to July 14. Redemptions removed $23.6 million from the SPAC’s trust.
A deadline extension approved a year ago prompted redemptions that wiped out approximately $265 million in the SPAC’s trust, or close to 87%. At the same time, Global Partner II switched sponsor control under a plan in which Endurance Global Partner II was to loan the sponsor up to $3 million in cash. The SPAC’s sponsor was then to issue an unspecificed amount of equity securities to Endurance. As part of that agreement, control of the sponsor was transferred to affiliates of Antarctica Capital Partners.
The SPAC’s CEO, Chandra R. Patel, is the founder of Antarctica Capital and has served as the managing partner of Antarctica Capital since 2010. Read more.
