Ahead of Memorial Day Weekend….
Before everyone heads out for Memorial Day Weekend (because as we all know, not a whole lot is going to get done tomorrow), a few items of note below on NESR, OMAD and OACQF. Plus, what’s on deck for SPACs next week:
National Energy Services Reunited (NESR)
National Energy Services Reunited Corp. held their shareholder vote on May 22, 2018, and their proposed business combination with Gulf Energy S.A.O.C. and NPS Holdings Limited, was approved.
Additional details, such as cash amount post-redemptions, will be posted once the information becomes available.
One Madison Corp. (OMAD)
Mr. Keith R. McLoughlin, resigned as a director of One Madison Corp. to pursue other endeavors. In his place, Thomas F. Corley was appointed as Chair of the Nominating and Corporate Governance Committee of the Board of Directors.
Origo Acquisition Corporation (OACQF)
Origo Acquisition Corporation amended its merger agreement with Hightimes Holdings Corp. to extend the period where both parties can terminate the merger agreement by an additional three months. The new termination period now mirrors the upcoming proposal to shareholders to extend the completion deadline to September 12th.
The shareholder vote to extend the completion deadline will be on June 12th. As a reminder, Origo entered into a merger agreement with Hightimes back on July 24th of 2017, nearly a year ago. Additionally, per the most recent 10-Q, cash held in trust is $17.8 million and the pro rata conversion value is stated as $10.92 per share.
After the shareholder vote on June 12th, you can be sure there will be even less cash left in trust after additional shareholders opt to convert their shares for the pro rata amount. Cash amount will be updated when it becomes available.
Additionally, Landcadia has its shareholder vote to extend the completion deadline on Wednesday, May 30th. Landcadia will be proposing to extend the date from June 1, 2018 to December 14, 2018, and the pro rata per share redemption price is $10.10.
(Just a reminder, on the right side of this page there is a calendar that highlights important dates such as shareholder votes, completion deadlines, etc. You can see the details by hovering over any dates highlighted in red.)
Memorial Day should be the kickoff to a very busy summer of SPAC acquisition announcements and IPOs so we hope everyone rests up and has an enjoyable three day weekend. Please also take the time to honor those who have died while serving this country. It’s a sacrifice that should not go unremembered.