S-4 Filing

The SPAC a month ago was warning it might liquidate, but has decided to forge onward in pursuit of a deal.

The SPAC raised $400 million in a March 2021 IPO to target disruptive software companies.

Announced earlier this month, terms call for the combined company to receive approximately $1 billion of cash held in AAC’s trust account, assuming no redemptions.

Founded in 2014 and led by CEO and former Navy SEAL Tim Sheehy, Bridger is focused on addressing the economic and environmental damage caused by wildfires.

The SPAC has a pending merger deal with Griid, which is engaged in bitcoin mining. Its current deadline to close is Jan. 14, although Adit seeks up to six monthly extensions to get the deal across the finish line.

The company said in an amended proxy filing today that it decided to postpone the meeting in light of the amount of redemption requests it had received, without specifiying the amount.

The Inflation Reduction Act of 2022 calls for a 1% excise tax on stock repurchases starting Jan. 1. While it remains unclear as to whether the tax also applies to shares redeemed in connection with SPAC transactions, most blank-check firms have been maneuvering in the belief that it will.

If approved, this would be the SPAC's seventh deadline extension. Redemptions reached about 18% ahead of an extension vote back in July.

The proptech-focused SPAC raised $300 million in a March 2021 IPO to target technology companies that service the real estate industry.

Announced in August, the deal has a pro forma enterprise value of $380 million.