Federal Street Acquisition Corp. announced late Friday, that they will be adjourning their special meeting of FSAC stockholders, originally scheduled to be held on Wednesday, November 14, 2018. The new meeting date will now be Monday, December 17th.
The reason given for the adjournment is to allow FSAC more time to market the business combination with Universal Hospital Services, Inc. (“UHS”). This is FSAC’s second adjournment (the first was on October 30th), so hopefully the additional five weeks will give this SPAC team the time they need to shore up the transaction. However, if investors didn’t like the deal before, it will be a challenging job for the capital markets teams to find new investors that want to own this post-two adjournments. Which means, FSAC might have to get creative with making this deal more attractive….sometimes a spoonful of sugar helps the medicine go down a little easier.
An important note: In connection with the adjournment, FSAC is extending the deadline for holders of its Class A common stock to submit their shares for redemption to 5:00 p.m. Eastern Time on Friday, December 14, 2018.
Stay tuned for further developments.