SEP Acquisition Corp. (NASDAQ:SEPA) announced this afternoon that its shareholders approved its combination with wound care firm SANUWAVE (OTC:SNWV) during a special meeting on January 29.
At the meeting, holders of 5,146,501 shares of SEPA’s common stock were present, representing 89.46% of the company’s common stock outstanding. The deal was overwhelmingly approved as holders of 5,137,623 shares voted in favor of the deal, while holders of 3,778 shares pushed back against it.
In connection with the vote, stockholders holding 495,067 shares of Class A common stock opted to redeem their shares of Class A common stock. Including prior votes, SEPA stockholders have redeemed an aggregate of 95.1% of the SPAC’s trust thus far, leaving it with approximately $8.5 million and 809,192 shares remaining.
The parties did not provide a timeline for the closing of the deal, but the combined company is expected to trade on the Nasdaq under the symbol “SNWV” once completed.
SEP announced its $127 million deal with SANUWAVE in August 2023. Eden Prairie, Minnesota-based SANUWAVE has commercialized its FDA-approved UltraMist medical device, which accelerates healing and reduces inflammation by delivering a pain-free mist of medicines to the effected area.
Part of the fun of the SPAC market is seeing the constantly evolving terms and approaches of teams in both securing their IPOs and their later business combinations. But, there are nonetheless a few hard rules to set the state of play among sponsors and investors, including sacrosanct deadlines for dispersing of trust funds back...
At the SPAC of Dawn Car-sharing networks had their moment in the sun as hot items in the tech scene, with some hopes that the companies could grow to the same scale as vacation rental disrupters like AirBnB (NASDAQ:ABNB). But, signs are showing that this startup category may not be ready for the public markets....
Blue Water III (NASDAQ:BLUWU) has filed for a $200 million SPAC to follow up on the healthcare-focused sponsor’s 2021 pharmaceutical deal. This new SPAC is set to have 1/2 warrants in its units with no overfunding of its trust and a solid 24 months to complete a business combination. It is the third new S-1...
At the SPAC of Dawn While yesterday brought news of better-than expected housing starts, albeit with slightly lower building permits beginning, today’s market news should include an update on jobless claims, which could be a key harbinger of the Fed’s rate cut policy. Other leading economic indicators are set to come in later in the...
CCIS Acquisition Corp (NASDAQ:CCACU) has filed for a $60 million SPAC that would bring a fresh new underwriter to the market in the smaller range of the spectrum. This is the first SPAC IPO filing by underwriter Benjamin Securities Inc. as left lead, although it served as co-manager for Plum IV‘s (NASDAQ:PLMKU) January 15 IPO...