Pensare Acquisition Corp. (WRLS), announced this evening that the company has agreed to contribute to its trust, $0.033 per month for each share that is not redeemed in connection with their stockholder vote to extend their completion deadline. Pensare is currently scheduled to hold their vote on January 28th, and are asking to extend their deadline three months from February 1 to May 1, 2019.
As of January 15, 2019, there was approximately $315.9 million held in Pensare’s trust account, or approximately $10.17 per Public Share. If Pensare needs to use the full three months through May 1st to complete their business combination, the cash per share amount will increase to $10.27 (without earned interest).
If the Extension is implemented, the first Contribution will be made on or before February 10, 2019 and subsequent Contributions on or before the tenth of each subsequent month.