Breeze Holdings in a proxy filing called a June 21 meeting for shareholders to vote on a proposed deadline extension up to Dec. 26. The SPAC has a merger agreement with TV Ammo, a manufacturing and licensing company focused on revolutionizing the global ammunition and weapons industry through the introduction of its composite-cased ammunition, innovative weapons systems and advanced manufacturing technology.
Breeze shareholders last year approved a deadline extension up to June 26 this year, although further redemptions left the SPAC with $12.6 million in trust, according to a regulatory filing at that time.
That has caused some challenges for the SPAC in maintaining Nasdaq listing requirements. Breeze warned in the proxy that it may not be able to continue listing on the exchange — which is a requirement to close the deal with TV Ammo.
TV Ammo would be renamed True Velocity if the merger closes. At deal announcement in November 2022, the combined company was expected to have an estimated post-transaction enterprise value of $1.21 billion, consisting of an equity value of $1.24 billion, $76.8 million in cash and $50 million in debt.
Founded in 2012, Texas-based TV Ammo has approximately 315 patents pending or issued surrounding its products, technology and manufacturing processes.
Breeze originally raised $100 million in a November 2020 IPO with plans to target natural gas and crude oil companies. Read more.
