Investcorp Europe Acquisition I said shareholders approved extending its completion deadline to Dec. 17.
Redemptiuons of 2,159,610 Class A shares at $11.31 per share removed about $24.4 million from the SPAC’s trust, or nearly 19%
The Investcorp Europe trust held just over $130.2 million as of May 2.
The SPAC has a merger agreement with OpSec, a global provider of brand protection solutions and intellectual property management.
The deal was announced in April 2023 at a pro forma enterprise value of $426 million. If the merger is approved, OpSec Group would likely trade on the Nasdaq, where Investcorp Europe I presently lists.
The transaction is supported by a $50 million backstop by the SPAC’s sponsor, with up to $199 million in gross transaction proceeds, less any redemptions by Investcorp Europe shareholders. Any incremental proceeds will be held on the balance sheet, with current investors rolling 96% of their pro forma ownership into the merged enterprise. Read more.
