Clover Leaf Capital called a July 16 meeting for shareholder to vote on the proposed acquisition of Digital Ally subsidiary Kustom Entertainment. The deal was announced last June at an implied initial pro forma equity value of approximately $222.2 million.
Terms call for Kustom Entertainment shareholders to receive 13,128,366 shares valued at $125 million, according to the prospectus.
Redemptions ahead of an extension vote in January removed nearly $2.4 million from the SPAC’s trust, leaving about $15.7 million.
Kustom Entertainment is focused on live events, concert production and ticketing.
Digital Ally will remain an independent public company. Read more.
