bleuacacia ltd in an 8-K said it entered into another non-redemption agreement covering 150,000 Class A shares. The agreement was secured Jan. 2, the same day the SPAC’s shareholders voted in favor of a deadline extension to Nov. 22.
In connection with that meeting, redemptions claimed $9.97 million of the SPAC’s remaining trust, leaving just over $7 million.
In total, bleuacacia and its sponsor have entered into NRAs with four unaffiliated third parties, who agreed not to redeem a total of 534,929 shares. In return, the participants will receive 160,479 Class B shares.
Additionally, bleuacacia noted that it has ongoing issues with its Nasdaq listing. The SPAC is still working to regain compliance with the Nasdaq’s $50 million minimum market cap requirement.
The SPAC once held $240 million from a November 2021 IPO with plans to focus on “acquisitions of global high-growth premium consumer-facing brands that have a powerful emotional engagement with millennial and Gen-Z consumers.”
The SPAC earlier this month said its sponsor has received and is considering a number of offers for the purchase of a portion of its ownership interest in the blank-check company. Read more.
