Federal Street (FSAC) ADJOURNS Shareholder Vote Until Nov. 14th
by Kristi Marvin on 2018-10-30 at 2:26pm

FEDERAL STREET CONVENES MEETING, THEN ADJOURNS WITHOUT CONDUCTING ANY BUSINESS.

Federal Street Acquisition Corp. (FSAC), which was supposed to hold it’s shareholder vote this morning to approve their business combination with Universal Hospital Services, Inc. (“UHS”), announced today that they will be adjourning the meeting to November 14th.

Furthermore, the press release states, “The purpose of the adjournment is to allow FSAC more time to market the business combination between FSAC and UHS following recent volatility in the stock market.

In layman’s terms – they were probably looking at way too many redemptions.  Yet, Federal Street is only pushing the vote out two weeks, which seems like a very tight window to turn this vote around.  Especially given that they have until July 2019 to complete a transaction.  However, Federal Street is partially funding the transaction via a $250.0 PIPE with certain institutional investors and THL Agiliti.  Plus, FSAC has entered into new debt commitments via a term loan of $660 million to repay existing UHS indebtedness.  I’m sure nobody wants to wait…

Stay tuned for further information when available.

 

 

Federal Street (FSAC) ADJOURNS Shareholder Vote Until Nov. 14th
Recent Posts
by Nicholas Alan Clayton on 2025-07-30 at 6:13pm

D. Boral Acquisition I Corp. (NASDAQ:BCARU) announced the pricing of its $250 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “BCARU”, Thursday, July 31, 2025. The new SPAC plans mount a generalist search for a target company valued at $700 million or more in a sector aligned...

by Nicholas Alan Clayton on 2025-07-30 at 12:16pm

GSR IV (NASDAQ:GSRF) has filed for a $200 million SPAC that brings a number of novel wrinkles to its next vehicle steered by a repeat sponsor team. The new SPAC offers a unique unit structure with a 1/14 right to one whole share in each unit, which is a specific level of rights coverage that...

by Nicholas Alan Clayton on 2025-07-30 at 8:26am

At the SPAC of Dawn Choppy trading can be expected today as the market prepares itself for the Fed’s rate decision this afternoon. But, at least one SPAC, Welsbach Technology Metals (OTC:WTMA), has had an unusual summer already. It sent out a proxy to shareholders yesterday asking them to approve its combination with battery materials...

by Nicholas Alan Clayton on 2025-07-29 at 9:14pm

A Paradise Acquisition Corp. (NASDAQ:APADU) announced the pricing of its $200 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “APADU”, Wednesday, July 30, 2025. The new SPAC plans to identify a prospective target company in the leisure and entertainment sector that it believes has an optimistic growth...

by Nicholas Alan Clayton on 2025-07-29 at 3:41pm

As the SPAC market reset began last summer, many attributes of what constituted the typical SPAC template began to change. For one, rights came back in a big way. During the previous cycle, SPACs with warrants heavily outnumbered those with rights. Rights tended to be more commonly found in the units of smaller, Asia-based SPACs...

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved