Global Blockchain Acquisition in an 8-K said shareholders voted to push the SPAC’s completiond deadline in monthly increments from May 12 to Nov. 12. In reeturn for the additional time, the sponsor will deposit the lesser of $25,000 or 5 cents a share into trust for each month required.
Redemptions of 1,683,527 shares left 5,508,353 shares outstanding. Of the remaining stock, 745,853 shares were issued in the SPAC’s initial public offering. Global Blockchain originally raised $150 million in a May 2022 IPO.
The SPAC last August announced a merger with Cardea Capital, a global wealth management firm, at an implied pro-forma enterprise valuation of approximately $175 million. Read more.
