Slam Corp., a SPAC led by former New York Yankee Alex Rodriguez lost 61% of its investors on redemptions, according to an 8-K filed today. Slam in the filing said 35,114,837 shares were redeemed by the deadline. The cash-out comes ahead of a shareholder vote set for Feb. 21 on a proposed deadline extension that would give Slam until May 25 to close a merger.
Slam raised $500 million in a February 2021 IPO.
Slam in 2021 was briefly in merger talks with Italy-based Panini SpA, which makes sports stickers, cards and other collectibles, but nothing came of it after Panini failed to renew two licensing deals with the National Basketball Association and National Football League. Read more.
