VMG Consumer Acquisition Corp. (Nasdaq:VMGA) announced this afternoon that it has decided to cancel its extension vote tomorrow and will instead liquidate its trust.
At the meeting, the SPAC intended to seek shareholder approval of a proposal to extend its timeline from May 15 to November 15. It now plans to redeem all of its outstanding shares of Class A common stock at a redemption price of approximately $10.40.
As of the close of business on May 15, the shares will be deemed cancelled and will represent only the right to receive the redemption amount.
VMG announced the pricing of its $200 million IPO in November 2021. The SPAC had a timeline of 18 months to find a target to combine with, but was unable to do so within that timeframe. It originally set out to identify and complete a transaction with a high-growth consumer and retail company.
VMG is led by CEO Aarti Kapoor, CFO and Secretary Angad S. Hira, and Chairman of the Board of Directors Michael Mauze.
At the SPAC of Dawn SPACs are set to have a sleepy start to their post-Rosh Hashanah week with no votes on the docket until Wednesday. Three SPACs are to hold extension votes that day and Clover Leaf (OTC:CLOE) will try again to close its combination with Kustom Entertainment after several adjournments on Friday. In...
Terms Tracker for the Week Ending October 4, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. This week was much, much heavier on the S-1 filings. There were five new SPACs filed along with six amended S-1 registration statements making good...
Willow Lane (NASDAQ:WLACU) has filed for a $110 million SPAC to be the latest repeat SPAC team returning to the market with the help of underwriter BTIG. BTIG is, in fact, leading recent underwriter activity with four new SPACs filed since the August 1, while no other firm has been left lead for more than...
At the SPAC of Dawn While SPACs settle into a slight pause through Rosh Hashanah, de-SPACs are also entering another period of holiday-based trading patterns. Traders following the usual “Sell in May and Go Away” pattern this year would have missed out on a major late-summer market rally. But, stocks may now feel the effects...
At the SPAC of Dawn As SPACs switch back into gear with a new cycle, traditional IPO road shows are heating up into the fourth quarter as well. A raft of private equity-backed companies have determined now is the time to strike and the period between the Fed’s September rate slash and the November election...