Ares Acquisition Corporation (NYSE:AAC) announced this morning that it has decided to reschedule its January 24 shareholder meeting to 9:30 am ET February 2.
Shareholders will now have until January 31 to make redemption decisions. The move puts Ares closer to the wire of its February 4 transaction deadline, which would be extended to August 4 by the vote.
The SPAC has a fresh deal in its hands, having announced a $2.2 billion deal with modular nuclear reactor developer X-Energy on December 6. The extra time may give it the opportunity to give additional news to investors.
X-Energy announced yesterday that it secured $25 million in private financing separate from the deal from its strategic partners DL E&C (KRX:375500) and Doosan Enerbility (KRX:034020) to support the rollout of its unique small modular nuclear reactor designs.
It noted that it continues to negotiate terms for additional incremental investment, adding to the $148 million in committed financing tied to its combination with Ares. This is already more than enough to cover the deal’s $120 million minimum cash condition regardless of the outcome of upcoming votes.
Mobiv Acquisition Corp. (NASDAQ:MOBV) announced this afternoon that it has closed its combination with EV motorcycle-maker SRIVARU. Shareholders originally approved the deal at a special meeting held back on September 28, but at that time, the parties expected the transaction to take just a week to close. Redemptions whittled Mobiv’s IPO share pool of 10,005,000 down...
Achari Ventures I (NASDAQ:AVHI) has entered into a definitive agreement to combine with medtech firm Vaso Corporation at an equity value of $176 million, or 19.5x its 2022 adjusted EBITDA. Wuxi, China-based Vaso provides IT services and sales support to medical device manufacturers. The combined company is expected to trade on the Nasdaq under the...
EF Hutton Acquisition Corp. I (NASDAQ:EFHT) announced this morning that its shareholders have approved its business combination with E.C.D. Auto Design. At the meeting, there were 5,089,203 shares of common stock, representing approximately 76.82% of the issued and outstanding shares of common stock, present. In connection with the meeting, the company’s stockholders holding 3,470,945 shares,...
Legato Merger Corp. III (NYSE:LEGT) filed for a $175 million IPO yesterday afternoon, becoming the fourth SPAC to file this week. While the other three SPACs that filed their S-1s earlier this week intend to pursue targets in the financial services and biotech industries, Legato III, similar to the earlier Legato SPACs, will focus on...
At the SPAC of Dawn This week ends with an unusually busy earnings calendar as 172 US-listed companies report quarterly figures today. Among them is Exela Technologies (NASDSAQ:XELA), which completed a combination with Quinpario 2 in 2017. The billing software company has gone on to do another SPAC deal on November 29, this time spinning...