Silver Spike II (NASDAQ:SPKB) announced in an 8-K this morning that it intends to adjourn its special meeting set to be held at noon ET today and postpone it until the same time March 10 without conducting any business.
The extra days will give Silver Spike II’s sponsor to engage with its investors and possibly come to non-redemption agreements which have become increasingly common in this season of votes. Investors do not currently have a business combination to mull over, however.
Silver Spike II announced a merger with pharmaceutical firm Eleusis last January, but later terminated it in June.
As a part of the breakup fee, the SPAC is to receive an amount of shares equal to 3% of Eleusis’ total equity at the firm’s next capital raise, liquidity event or sale of the company. Should this occur after Silver Spike II has consummated a different business combination or liquidated, then these shares will be placed in escrow with a third-party payment agent.
The team’s deadline for consummating a new deal is up on March 15, but its extension proposal on the ballot would allow it to automatically extend one month at a time up to nine times. The team closed its first deal in 2021 with WM Holding, an ecommerce platform connecting consumers with local cannabis products.
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: DWAC rises in wake of Trump’s indictment, Senator Kennedy introduces SPAC Act to protect investors, and Abacus Life appoints new managing director DWAC rises in wake of Donald Trump’s indictment Shares of Digital World...
Priveterra Acquisition Corp. (NASDAQ:PMGM) announced in an 8-K this morning that it plans to once again adjourn its special meeting to approve its combination with AEON Biopharma from noon today to the same time June 13. The SPAC has been using these additional days to further engage with its shareholders and its ballot includes measures...
Latest SPAC Liquidations: JAWS Juggernaut Acquisition Corp., Talon 1 Acquisition Corp. JAWS Juggernaut Acquisition Corporation (JUGG) to Liquidate on June 22 JAWS Juggernaut Acquisition Corporation (Nasdaq: JUGG) today announced that its board of directors has determined not to proceed with a proposal to extend its corporate existence. As such, the Board has determined to cancel the...
Rice II (NYSE: RONI) announced today that it has completed its combination with energy technology company NET Power. The deal was originally approved by shareholders at a special meeting yesterday with relatively low redemptions. A total of 21,195,224 shares were redeemed in connection to the vote, removing 61% of Rice II’s trust. NET Power is to...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: BlackSly and Momentus win contracts, Terran Orbital’s CAPSTONE completes primary mission, and Richard Branson puts himself and Virgin brand on trial BlackSky and Momentus Win Contracts Momentus (NASDAQ:MNTS) has won a contract with Apogeo...