Jaws Mustang Acquisition said 1,023,321 shares were redeemed ahead of tomorrow’s shareholder meeting to consider an extension. The SPAC wants to push its deadline from Feb. 4 to March 4, according to a regulatory filing.
The SPAC a year ago disclosed that nearly 102 million shares were redeemed ahead of a shareholder vote on an earlier deadline extension — out of about 103.5 million shares outstanding. Jaws Mustang raised $900 million in a February 2021 IPO.
The sponsor expects to convert 25.5 million Class B shares into public shares on a one-for-one basis. Additionally, the sponsor has agreed to waive any right to receive funds from the SPAC’s trust account with respect to the public shares received upon conversion and will acknowledge that the shares will be subject to all of the restrictions applicable to the original Class B shares. Read more.
