PMV Consumer Acquisition, after filing a preliminary proxy for a June 14 shareholder meeting to vote on a deadline extension, said today that it has not made a final determination regarding the terms an extension.
What made the press release unusual was the SPAC’s disclosure that it has been advised that DTC, inadvertently — and without the knowledge of PMV Consumer or its transfer agent, Continental Stock Transfer & Trust — issued a notice to stockholders of a voluntary corporate action to redeem.
The SPAC said it will announce the date for any rescheduled meeting and will circulate a definitive proxy statement in advance of the meeting. Stockholders’ rights to redemption will not be exercisable until the PMV provides formal notice of the rescheduled meeting date.
The SPAC raised $175 million in a 2020 IPO to target companies in the consumer industry with enterprise valuations in the range of $200 million to $3.5 billion. Read more.
