Jaws Mustang Acquisition in an 8-K said shareholders on Feb. 2 approved extending the SPAC’s deadline up to 12 times in monthly increments to February 2025. The filing also reveals that redemtions removed about 33% of the remaining cash in gtrust.
The SPAC said 698,321 Class A shares were redeemed for approximately $10.97 per share, totalling $7,662,571. After the redemptions and receipt of the initial extension deposit of $25,000 to the trust, the balance following the extension vote was just over $15.4 million.
The sponsor earlier this week converted 25.5 million Class B shares into Class A shares on a one-for-one basis. As of Feb. 6, Jaws Mustang has 26,905,293 Class A shares outstanding.
Jaws Mustang originally raised $900 million in a February 2021 IPO to focus on businesses in North America and Europe “that have a clear path to organic and inorganic growth, formidable barriers to entry, exceptional management, and strong underlying demand drivers.” Read more.
