Nevada-based two filed a proxy and called a March 25 meeting for shareholders to vote on a proposed merger with LatAm Logistic Properties. The target is a developer, owner, and manager of institutional quality, class A industrial and logistics real estate in Central and South America.
Terms call for LatAm Logistic to receive 28.6 million shares valued at $10 each. There is a minimum cash closing condition of $25 million, which assumes 70% redemptions by the SPAC’s public shareholders.
The deal was announced in August at an enterprise value of $578 million.
If approved, the combined company’s shares are expected to list on the NYSE under new ticker symbol LLP.
The SPAC raised $200 million in an IPO almost three years ago. It’s current market cap is just over $102 million. Read more.
