Bite Acquisition in an 8-K said it received shareholder approval for a deadline extension up to Aug. 17. That provides additional time for the SPaC to complete its $319 million merger with Above Food.
Based in the Canadian province of Saskatchewan, Above Food operates a vertically integrated supply chain to deliver differentiated ingredients and consumer products.
Bite said 518,880 shares were redeemed at approximately $10.70 per share, removing about $5.55 million from the SPAC’s trust, which now holds $25.25 million.
If the deal is approved, upon closing Above Food is expected to list on the NYSE under new ticker symbol ABVE. The transaction was announced in May last year.
Deal consideration will be 100% in the form of rollover shares, and the proposed transaction at announcement last May was expected to provide approximately $44 million of gross proceeds to fund future facility development and working capital.
Bite originally raised $175 million in a February 2021 IPO. Before the latest round of redemptions, shareholders last December cashed-out 85% of the trust on an extension vote. Read more.
