Constellation Acquisition I in a regulatory filing said it convened a meeting for shareholders to consider an extension proposal, but adjourned without conducting any business. The SPAC in a proxy asked shareholders for an extension to push the deal deadline to Jan. 29, 2025.
Meanwhile, the sponsor expects to convert 7.6 million Class B shares into public shares on a one-for-one basis. The sponsor has further agreed to waive any right to receive funds from the Constellation trust folowing the share conversion and will acknowledge that the shares will be subject to all of the restrictions applicable to the original Class B shares.
Constellation earlier this week said nearly 3.4 million shares were redeemed ahead of the shareholder’s meeting. That would leave just under 1.1 million shares outstanding if there are no redemption reversals.
The SPAC made its OTC debut last week after stepping down from the NYSE.
Constellation has been searching for a suitable company “that is at the forefront of change in one of several rapidly changing segments of the global economy,” driven either by digitization of business processes, the rising global middle class and their increased focus on personal well-being or the pace and impact of disruptive innovation. Read more.
