Breeze Holdings Acquisition announced that the Nasdaq Hearings Panel granted the SPAC’s request for continued listing on the exchange. Breeze must complete its initial business combination by May 28, while demonstrating compliance with Nasdaq’s initial listing requirements. The exchange had notified Breeze of non-compliance with a listing rule requiring SPAC’s to complete a deal within 36 months of their IPO registration statement.
A continued listing on Nasdaq is among the conditions the SPAC has to close a deal with TV Ammo, an advanced technology manufacturing and licensing company focused on revolutionizing the global ammunition and weapons industry through the introduction of its composite-cased ammunition, innovative weapons systems and advanced manufacturing technology.
Breeze shareholders last year approved a deadline extnsion up to June 26 this year, although further redemptions left the SPAC with $12.6 million in trust, according to a regulatory filing.
TV Ammo would be renamed True Velocity if the merger closes. At deal announcement in November 2022, the combined company was expected to have an estimated post-transaction enterprise value of $1.21 billion, consisting of an equity value of $1.24 billion, $76.8 million in cash and $50 million in debt.
Founded in 2012, Texas-based TV Ammo has approximately 315 patents pending or issued surrounding its products, technology and manufacturing processes.
Breeze originally raised $100 million in a November 2020 IPO with plans to target natural gas and crude oil companies. Read more.
