LF Capital Acquisition Corp. II (LFAC) Adjourns Vote on Extension Contribution
by Nicholas Alan Clayton on 2023-02-16 at 7:20am

LF Capital Acquisition Corp. II (NASDAQ:LFAC) announced in an 8-K this morning that it has adjourned its February 15 vote to 6 pm ET February 17.

Shareholders in the vote are set to consider an increase to LF Capital II’s monthly contribution to its trust from $0.033 to $0.04. It may use such contributions to automatically extend up to six times from its initial deadline of February 19.

The SPAC further teased investors with the announcement that it has signed a non-binding letter of intent (LOI) with a target in the hours after the vote’s originally scheduled time. This target remains unnamed for now, but LF Capital II described it as a US-based manufacturer in the packaging industry with a blue chip customer base subject to multi-year contracts.

LF Capital has also clarified in recent filings that it will not pay any potential excise tax liabilities on share buybacks applied to redemptions from its trust account. In connection with the vote, LF Capital II’s sponsor Level Field Capital II plans to convert 6,268,750 of its promote shares (98.1%) into Class A shares, leaving 32,143,750 Class A shares and 200,000 promote shares outstanding.

 

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