EdtechX Holdings Acquisition Corp., re-filed their $55 million SPAC IPO today, with one change to their Crescent Term.
Previously, EdtechX’s term, regarding adjustment to the per-share redemption trigger, stated they would adjust the price to be equal to 240% of the market value of their common stock based on the 20-day trading period prior to the day on which they consummate their business combination. This has been adjusted to 165%.
If you recall, EdtechX’s redemption trigger for the warrants to be sold in the IPO is $16.50, so now the 165% adjustment for any new capital raises done at combination below $9.50, will reflect an equal value to the original trigger.
If you would like a more detailed explanation of how the Crescent Term works, you can read about it here in the original post regarding EdtechX’s initial filing.
The rest of EdtechX’s terms remain the same, but as a reminder, a summary has been provided below.
EdtechX Holdings Summary of Terms:
- Focus: Education/EdTech
- Size: $55 million
- 101.5% held in trust ($10.15 per share)
- $10.00 unit comprised of one share of Common Stock + one full Warrant
- Warrant call for redemption threshold: equals or exceeds $16.50 (cash or cashless exercise)
- 18 months to complete an acquisition + 3 months extension if:
- A proxy for a proposed business combination has been filed AND;
- The price of the common stock equals or exceeds the estimated per-share value of the amount in the trust on the 18-month anniversary of the consummation of the offering for any 20 trading days within the 30 trading day period ending 17 months post-IPO.
- Limitation on Redemption Rights: 20%
- At-risk Capital: $3.45 million (3,450,000 warrants at $1.00)
- Forward Purchase Agreement:
- Azimut Investors will purchase up to 2,000,000 units at $10.00 per unit (or up to $20,000,000)
- Underwriter fees: 2.5% + 3.5% deferred.
- Includes “Crescent Term”
Chardan and I-Bankers Securities are joint book-running managers.
Graubard Miller and Schiff Hardin LLP are Issuer’s Counsel and Underwriter’s Counsel, respectively.
A look at Plus’ software-first approach to autonomous trucking. After years of investment and excitement, the dawn of self-driving cars and trucks is now here. The question now is which business model among autonomous driving technology companies will win out? This week, we speak with David Liu, CEO of autonomous trucking company Plus. Plus announced...
At the SPAC of Dawn One thing that SPAC investors can typically count on while their money is invested in a SPAC’s trust is that it is going to grow one way or the other between now and their next redemption opportunity, but the devil can occasionally be in the details. In 2024, it became...
Thunderstone has filed for a $50 million SPAC to put a new first-time Asia-based team in action on a generalist hunt. The new SPAC is offering investors a right to a 1/8 share in each unit with 18 months to initially complete a business combination. It is the 8th fresh S-1 filed with underwriter D....
At the SPAC of Dawn In a trading session that may find itself built around the release of Fed minutes at 2 pm ET this afternoon, a pair of SPAC targets have added their own fresh information to the mix. Enterprise AI firm Fusemachines, which has a pending combination with CSLM (OTC:CSLMF), put out a...
Globa Terra Acquisition Corporation (NASDAQ:GTERU) announced the pricing of its $152 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “GTERU”, Wednesday, July 9, 2025. The new SPAC plans to mount a search for a target in the agriculture, agtech or biotech sectors with an emphasis on water...