Frequent SPAC investors Francisco Partners announced this morning that they have launched a cash tender offer to purchase 7,500,000 Pathfinder (NASDAQ:PFDR) Class A shares for $10 per share. The offer will expire on January 4, 2023, at 11:59 p.m. EST.
Francisco Partners is also to acquire a one-fifth warrant per share and holders and the move is a part of a commitment letter it signed on October 3 and equity grant agreement announced November 14. Under this agreement, Francisco Partners is to receive an additional 1,000,000 shares and Movella is to issue $25 million in senior secured notes to it.
These notes hold a 9.25% interest rate, which is to increase by 0.5% each year on the anniversary of the November 14 signing. This financing may form an important backstop as Pathfinder may need to extend its February 19, 2023 completion deadline.
Pathfinder initially announced its $537 million combination with Movella on October 4 and terminated an earlier combination agreement with ServiceMax in December 2021. San Jose, California-based Movella provides motion-capture hardware and software for the entertainment, health and manufacturing industries.
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Tech and Energy Transition Corp. (NASDAQ: TETC) announced this afternoon that its shareholders have voted against a proposal to extend the SPAC’s timeline to complete a business combination. Holders of 38,069,946 shares of TETC’s common stock, comprised of 28,495,396 shares of Class A common stock, and 9,575,000 shares of Class B common stock, were present at...
Direct Selling Acquisition Corp. (NYSE: DSAQ) announced this morning that it intends to adjourn its extension vote, originally scheduled to be held on March 22, and will reconvene on March 24 at 11:00 a.m. The SPAC has also extended the redemption deadline to March 22 at 5:00 p.m. It is currently facing a completion deadline of March...
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