Pegasus Digital Mobility Acquisition said it entered into non-redemption agreements ahead of its April 22 meeting for shareholders to vote on the SPAC’s proposed merger with Gebr. Schmid Group, a global solutions provider for the high-tech electronic, photovoltaics, glass, and energy systems industries.
The total amount of currently committed capital in these NRAs is approximately $20 million, the SPAC said. The currently committed capital includes investments from several institutional investors as well as up to $8 million from the sponsor.
The parties expect to enter into additional NRAs prior to the shareholders meeting. The closing of the initial business combination, which is scheduled for April 25 at the earliest, remains subject to the fulfillment of all closing conditions.
Ahead of a successful extension vote in December, the SPAC had said 503,201 shares were redeemed for about $5.55 million. That left 4,500,017 shares outstanding, or about $49.6 million. The Pegasus board last month approved more than 2.8 million Class B shares for use as incentives in non-redemption agreements.
Pegasus Digital originally raised $200 million in an October 2021 IPO. Read more.
