Quantum Fintech Acquisition in a regulatory filing said it amened terms of its merger agreeent with TrqwdeStation by reducing the number of shares of common stock of TradeStation to be held by Monex Group — the sole stockholder of TradeStation — following the merger by 150,000 TradeStation Shares. The SPAC also agreed to reduce the number of TradeStation Shares to be delivered by Monex at the closing of the deal to an escrow account established pursuant to an escrow agreement by 150,000 TradeStation Shares from 34,148,232 to 33,998,232 (Monex Earn-Out Shares).
Quantum also increased the number of TradeStation Shares to be delivered by the SPAC’s sponsors at closing to an escrow account by a corresponding amount from 798,894 to 948,894. There will be no change in the number of earn-out shares as a result of the amendment.
The deal values the combined company at $1.4 billion. Assuming no redemptions by Quantum FinTech shareholders, the transaction will consist of approximately $201 million of cash held in Quantum FinTech’s trust and a $125 million pipe.
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