If only tomorrow wasn’t Saturday…MTech could have filed this on 4/20*…
If you’ve been wondering what’s been going on with MTech, well…we have an answer. Sort of. Mtech Acquisition Corp. (MTEC) was supposed to hold their shareholder vote to complete their business combination with MJ Freeway, back on March 12th. However, since then, there’s been a real lack of information. Nothing has been announced or filed relating to what happened to the vote or if it had even been rescheduled. Nonetheless, MTech did finally file an 8-K and proxy/S-4 this morning announcing a few changes to to its merger agreement. In summary, the changes are:
- an increase of the size of the Pubco board of directors from seven (7) to eight (8) directors,
- an increase of the number of directors appointed by MJF from four (4) to five (5) directors (which additional director will qualify as an independent director under Nasdaq rules) and,
- a revision of the classification of directors so that the Class B directors will include two (2) MJF directors and one (1) MTech director.
However, there was still no mention of what happened with the previous vote, but we can surmise that there needed to be additional negotiations with MJ Freeway. The final result is that the consideration appears to be the same, it’s just some tweaks to the board composition.
A new vote date has still not been rescheduled, but now that we have some documents filed it looks like this combination is back on track.
* If you didn’t catch the 420 reference, you can find an explanation here
Israeli tech firms have made up an outsized proportion of SPAC activity and despite the ongoing tensions in its region, that dealmaking is continuing unabated. In fact, the SPAC named for the particular mission of taking Israeli firms public through SPACs, Israel Acquisition Corp. (NASDAQ:ISRL) in fact just took one step closer in completing that...
At the SPAC of Dawn Although the market has largely recovered from a negative stretch last week, the roller coaster is tilted back downward for Trump Media (NASDAQ:DJT), which slid -8% yesterday to $32.57 – one of its lowest points since closing with Digital World last month. Other SPACs and de-SPACs are having a more...
Remember the metaverse? Many do not. Meta’s (NASDAQ:META) attempted transition to virtually living and working seemed to mark a trend that went up and down quickly, but one SPAC deal has both survived that roller coaster and may rise with a second. Back in December 2022, Newbury Street (NASDAQ:NBST) announced a $1.85 billion combination with...
At the SPAC of Dawn Tucked into the bill that provides $95 billion in funding to American allies passed by the House this weekend is another measure that is likely to have far more impact on at least one pending deal in SPAC world. It would appear that the timing was fortuitous for TikTok rival...
With the passage this weekend of $95 billion in funding for Ukraine, Israel and Taiwan by the House of Representatives, some focus has gone back towards the defense sector, which has generally had a good year as a whole. But, SPACs have not been as active in defense, despite the fact that companies in the...