Edify Acquisition in a regulatory filing said it faces a trading suspension and delisting from the Nasdaq because it has not completed a deal within 36 months of its IPO, as required by the exchange.
The SPAC said it intends to request a hearing to ask for additional time to complete a business combination.
Shareholders are scheduled to vote today on a deadline extension that would give the SPAC until July 20 to complete a deal. Edify has an agreement in hand with Unique Logistics, a global logistics and freight forwarding company. The deal was announced in December 2022.
If an extension is approved, Edify’s sponsor would deposit the lesser of $49, 521.45 or 5 cents a share into trust for each month required.
Edify in October said it converted 6.9 million sponsor shares into a like number of Class A shares. That boosted the total shares outstanding to 7,890,429.
Edify raised $276 million in a January 2021 IPO with plans at the time to target businesses in education, edtech, workforce development, and HCM sectors in the United States. Redemptions since the float have taken a big bite out of the trust. Read more.
