Nearly six weeks after Andretti Acquisition shareholders approved the deal, the SPAC said it expects to close its merger with Zapata Computer on March 28.
The SPAC has sustained total redemptions of about 99% since its IPO more than two years ago.
Andretti Acquisition said today it entered into a non-redemption agreement with Sandia Investment Management under which Sandia agreed to rescind or reverse any redemption demand up to 300,000 shares.
Upon completion of the business combination, the SPAC will pay to Sandia an amount equal to the number of investor shares multiplied by the Redemption Price, minus the number of investor shares multiplied by $9. Read more.
