FTAC Emerald Acquisition announced that it intends to adjourn tomorrow’s shareholder meeting until Sept. 18. Shareholders are expected to ocnsider an extension proposal that would move the SPAC’s completion deadline from Sept. 20 to Jan. 19, 2024.
Although no reason was given for the delay, FTAC last week disclosed non-redemption agreements with one or more unaffiliated third parties in exchange for them each agreeing not to redeem 1 million shares through the extension vote.
In exchange for the commitments not to redeem, the SPAC agreed to issue 62,500 Class A shares to each investor at the time of a business combination.
FTAC had faced a termination deadline in June, but just before it was due to expire the SPAC announced it had signed a letter of intent for a merger with an unnamed target. That automatically extended the SPAC’s runway to Sept. 20.
There has been no further announcement regarding the LOI.
Led by SPAC veteran Betsy Cohen, FTAC Emerald raised $220 million in a December 2021 IPO to focus on sustainable businesses. Read more.
