Monday Morning Kickoff: Sentinel (STNL), Modern Media (MMDM) & Organogenesis (ORGO)

news update

Monday Morning Kickoff: Sentinel (STNL), Modern Media (MMDM) & Organogenesis (ORGO)

Feb 4, 2019 INTEL by SPACInsider

Three quick news items to start the week:


Sentinel Energy Services (STNL)

Sentinel announced this morning that it has postponed its shareholder vote to complete it’s combination with Strike Capital, LLC.   The meeting was originally scheduled for tomorrow, February 5, 2019.

Typically, a postponement indicates an uncomfortable amount of anticipated redemptions and further marketing of the transaction is needed.  The good news for Sentinel is that their SPAC doesn’t expire until November of 2019.  However, that’s bad news for Strike Capital…Sentinel will announce the new date for the Special Meeting at a later time.

Organogenesis (ORGO)

Organogenesis, (Avista Healthcare Public Acquisition Corp.), filed their final prospectus this morning for, among other things, the shares underlying their public warrants.  That means if any warrant holders would like to exercise their warrants, they can now do so.  However, the current share price is $13.93, a lot less attractive to exercise than when it was trading at $310.00…which would have been crazy.

Nonetheless, it begs the question…when is PHUN going to register their warrant shares?

Modern Media Acquisition Corp. (MMDM)

Modern Media just announced that they will be contributing $0.0333 per month for each share that is not redeemed in connection with the stockholder vote to approve their completion deadline extension from February 17th to June 17th. If MMDM needs to use all four of those months to complete, that would represent an additional $0.132 per share on top of what is currently held in trust, which we are estimating as $10.30.

Each Contribution will be deposited in the trust account on or before the 27th day of each calendar month.

 

 

This post has been updated to include Modern Media’s announcement (released after the original post)

 

Leave a Reply