Latest Non-Redemption Agreements: Yotta Acquisition Corp.,Live Oak Crestview Climate Acquisition Corp.
Yotta Acquisition Corp. (YOTA) Adds Non-Redemption Agreements
Yotta Acquisition Corp. (NASDAQ:YOTA) entered into non-redemption agreements with certain unaffiliated third parties in exchange for such third parties agreeing not to redeem an aggregate of 598,680 shares of the Company’s common stock.
In exchange for the foregoing commitments not to redeem such Non-Redeemed Shares, the Sponsor has agreed to transfer to such third parties an aggregate of up to 300,000 shares of the Common Stock held by the Sponsor following the escrow period if they continue to hold such Non-Redeemed Shares through the Meeting.
The Non-Redemption Agreements are not expected to increase the likelihood that the Extension Amendment Proposal and the Trust Amendment Proposal is approved by the Company’s stockholders but are expected to increase the amount of funds that remain in the Company’s trust account following the Meeting.
These shares will not be redeemed at the SPAC’s upcoming vote to extend its transaction deadline to August 22, 2024.READ
Live Oak Crestview Climate Acquisition Corp. (LOCC) Adds Non-Redemption Agreement
Live Oak Crestview Climate Acquisition Corp. (NYSE:LOCC) entered into a non-redemption agreement with an unaffiliated third party (the “Investor”) in exchange for the Investor agreeing not to redeem shares of the Company’s Class A common stock at the special meeting to approve, amongst other proposals, an extension of time for the Company to consummate an initial business combination from September 27, 2023 to January 12, 2024.
Since September 18, 2023, the Sponsor and the Company have entered into additional agreements, in substantially the same form, with unaffiliated third parties (“Additional Investors”). Pursuant to the Non-Redemption Agreements, the Investor and the Additional Investors have agreed not to redeem up to an aggregate of 12,488,046 shares of the Company’s Class A common stock.
In exchange, the Company has agreed to issue or cause to be issued to the Investor and Additional Investors an aggregate of 1,135,163 shares of Class A common stock if the Investor and Additional Investors continue to hold the shares of Class A common stock through the Special Meeting.
In addition, the Sponsor has agreed to surrender and forfeit to the Company for no consideration 1,135,163 shares of the Company’s common stock held by the Sponsor immediately following the consummation of the Company’s initial business combination.
The Non-Redemption Agreements are not expected to increase the likelihood that the Extension Amendment Proposal is approved by shareholders but will increase the amount of funds that remain in the Company’s trust account following the Special Meeting.
Lastly, certain parties to the Non-Redemption Agreements intend to purchase additional shares of the Company’s Class A common stock on the open market. Such purchases will be made at or below a price of $10.37 per share, and such parties will not vote such purchased shares in favor of the Extension.READ
Terms Tracker for the Week Ending December 8, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Well that escalated quickly. While last week was quiet, this week was far busier. SPACs saw one IPO start trading after pricing on Friday of...
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...