Relativity Acquisition in a proxy filing called a Feb. 13 meeting for shareholders to vote on a proposal that would give the SPAC until Feb. 15, 2025 to complete a deal.
Relativity has a merger agreement with SVES, an off-price apparel distribution company based in Florida.
The deal had a pro forma enterprise value of $707.25 million when announced a year ago.
SVES was founded in 2017 to fill a gap in the retail supply chain by providing full-price retail fashion brands an efficient and effective way to monetize overstocked items.
Initially focused on cannabis companies, Relativity raised $143.75M in a February 2022 IPO.
Since its first extension was approved in December 2022, the SPAC’s sponsor has been depositing $1,000 into trust for each month.
If the current proposal on the table wins shareholder approval, the Relativity sponsor has agreed to deposit the lesser of $8,500 or 5.6 cents a share into trust for each month required up to the new deadline. Read more.
