FTAC Emerald Acquisition shareholders approved a deadline extension to Dec. 20, the SPAC said in an 8-K.
Redemptions of 10,872,266 shares at $10.6224 per share stripped the trust of approximately $115,489,643. Following the redemptions, 4,757,884 public shares remain outstanding.
Led by SPAC veteran Betsy Cohen, FTAC Emerald earlier this month said that it entered into a non-binding letter of intent for a business combination with an unnamed target.
FTAC had faced an original termination deadline in June 2023, but just before it was due to expire the SPAC announced it had signed a letter of intent for a deal with an unnamed target. That automatically extended the runway to Sept. 20. Another extension vote followed, pushing the deadline to the current Jan. 19 termination date, although no further details ever materialized on that first LOI. Read more.
