Tristar Acquisition I in an amended proxy said its sponsor will deposit the lesser of 3.5 cents a share or $125,000 per month into trust if shareholders approve a longer deadline extension.
The SPAC initially seeks to push its deadline from July 18 to Oct. 18 and the sponsor would, in return deposit the lesser of 10.5 cents a share or $375,000 for each of the extra three months. Thereafter, the smaller deposit arrangment would activatre and contuine for another year, if necessary, in monthly increments.
Tristar last month said it terminated a letter of intent signed in March with an unnamed target.
The SPAC at that time said discussions had been ongoing “over an extended period of time.”
Earlier news reports noted that ViaPath Technologies, which provides telecommunications and other services to the incarcerated population across the US, was in talks to go public through a merger with Tristar I, although the SPAC never confirmed this.
As a result of the LOI, under the terms of its prospectus Tristar I was entitled to an automatic extension of its merger deadline, which is July 18.
The SPAC raised $200 million in an October 2021 IPO. Read more.
