Modern Media Acquisition Corp. (MMDM), announced this afternoon that despite their best efforts to wrap up their deal with Akazoo Ltd. by June 17th, they’re probably going to need another month. However, they are asking for two months just to be sure.
Modern Media anticipates scheduling a special meeting in June (new proxy forthcoming), and will be asking to extend from June 17th to August 17th, 2019. Furthermore, the 8-K states, “The parties currently anticipate that all conditions precedent to the consummation of the Business Transaction will be satisfied by July 15, 2019.” But asking for two months is safer.
Nonetheless, Modern Media is not offering any additional contribution to trust to extend this time around. There is a condition to closing that the trust account needs to have a minimum of $60 million at combination, but their current estimated trust value is $153.5 million ($10.40 per share).
However, the company is due to contribute another $0.0333 per share to trust on May 17th.
Look for a new proxy to be filed shortly.


At the SPAC of Dawn Lately de-SPACs have been announcing corporate moves of a kind frequently in trios as was the case earlier this week when WeBull (NASDAQ:BULL), AST SpaceMobile (NASDAQ:ASTS) and Quantum-Si (NASDAQ:QSI) all announced major equity raises. This week, it is a trio of de-SPACs making reverse stock splits in unison, which is...
A look at Plus’ software-first approach to autonomous trucking. After years of investment and excitement, the dawn of self-driving cars and trucks is now here. The question now is which business model among autonomous driving technology companies will win out? This week, we speak with David Liu, CEO of autonomous trucking company Plus. Plus announced...
At the SPAC of Dawn One thing that SPAC investors can typically count on while their money is invested in a SPAC’s trust is that it is going to grow one way or the other between now and their next redemption opportunity, but the devil can occasionally be in the details. In 2024, it became...
Thunderstone has filed for a $50 million SPAC to put a new first-time Asia-based team in action on a generalist hunt. The new SPAC is offering investors a right to a 1/8 share in each unit with 18 months to initially complete a business combination. It is the 8th fresh S-1 filed with underwriter D....
At the SPAC of Dawn In a trading session that may find itself built around the release of Fed minutes at 2 pm ET this afternoon, a pair of SPAC targets have added their own fresh information to the mix. Enterprise AI firm Fusemachines, which has a pending combination with CSLM (OTC:CSLMF), put out a...