Crescent Acquisition shareholders voted in favor of the SPAC’s merger with LiveVox, a contact center platform that powers more than 14 billion interactions a year.
Announced in January, the deal gives the combined companies a valuation of $840 million.
Cresecent in an 8-K filing said more than 15.3 million shares were redeemed ahead of the vote. At a redemption price of approximately $10 per share, that wiped out more than 61 percent of the SPAC’s cash in trust. Cresecent raised $250 million in a March 2019 IPO.
As a result of the redemptions, the SPAC and LiveVox agreed to waive the $250 million minimum cash condition that was part of the deal.
To further enhance liquidity by increasing cash available to the new company following the closing of the business combination, the parties also agreed that any consideration that would otherwise be payable as cash would instead be payable in the form of Class A Stock valued at $10 per share, and the cash will remain on the combined company’s balance sheet at closing. To reduce dilution of the outstanding capital stock, CFI Sponsor agreed to forfeit 200,000 shares of Class F Stock that it currently holds, contingent upon the closing of the business combination. Read more.
