Friday evening, Easterly Acquisition Corp., a $200 million SPAC, released the results of their shareholder vote to approve their business combination with Sirius International Insurance Group, Ltd. Shareholders approved the combination with 16,436,502 votes “for”, but there were a sizeable number of redemptions. Holders of 10,463,267 shares exercised their right to redeem at a redemption price of approximately $10.49 per share, for an aggregate redemption amount of approximately $109.7 million, or a little more than half the trust value.
Sirius Group has applied to list the Sirius Group common shares and converted warrants on the Nasdaq Stock Market under the symbols “SG” and “SGRP-W,” respectively, effective as of the closing of the Merger. However, the anticipated closing date was not detailed in the 8-K.
| FOR | AGAINST | ABSTENTIONS |
| 16,436,502 | 101 | 0 |
Of the five shareholder votes previously scheduled this week, we only have results for two so far. Hunter Maritime, which we’re currently waiting on tender results to confirm, and Easterly. Results are still outstanding for GTY Technology Holdings (vote to extend), Federal Street (adjourned until Nov. 14th) and Matlin & Partners (adjourned until Friday, Nov. 2nd).
Congratulations to everyone involved in the Easterly/Sirius transaction.
ADVISORS
- Sirius Group is being represented by Sidley Austin LLP
- Easterly is being represented by Hogan Lovells US LLP
The pace of de-SPACs making it to their lock-up expirations is set to roughly remain level with last month as May’s batch includes five companies and six sponsors set to be released. This group features a high number of Asia-based deals including its headline performer, SunCar Technology (NASDAQ:SDA), which last closed at $7.91. Earlier this...
DT Cloud Star (NASDAQ:DTSQU) filed an S-1 to raise $60 million as the second SPAC by its sponsor team, but this venture would be the 13th foray by underwriter Alliance Global Partners and the first under its new branding as AGP. However, three of those initial filings have subsequently been withdrawn. Nonetheless, AGP is offering...
At the SPAC of Dawn Tuesday brings another packed day in a packed week of potentially market-moving events and individual SPAC actions. The market today will take in the update on US consumer confidence readings as well as the employment cost index and Treasury’s decision on its quarterly refunding plans. An unusually large portion of...
Few target companies have gone through a greater amount of change through the course of their de-SPACing process than digital transformation firm Noventiq, which makes its latest update via a new investor presentation a particularly interesting read. When it initially announced its combination with Corner Growth (NASDAQ:COOL) in May 2023, Noventiq was still listed in...
At the SPAC of Dawn Several sleepy weeks in SPACland come to an end today with five votes, including BITE‘s (NYSE:BITE) completion vote for its combination with plant-based food producer Above Food. Similarly, CONX (NASDAQ:CONX) is to hold its tender offer to complete its acquisition of the DISH Wireless HQ. Two more SPACs are holding...