KBLM Files Proxy and Amends Contribution Amount

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KBLM Files Proxy and Amends Contribution Amount

May 20, 2019 INTEL by Kristi Marvin

KBL Merger Corp. IV (KBLM), filed a definitive proxy this morning for their upcoming shareholder vote to extend their termination date another six months.  However, KBLM has further amended the proxy to now reflect a $0.0225 per month contribution for shareholders who do not redeem.

Originally, KBLM agreed to contribute $0.03 for each public share that was not redeemed for each calendar month commencing on June 7, 2019, through September 7, 2019 (should they need the full three months).  However, given where KBLM is in their negotiation process with CannBioRx, they are now asking for a potential six months, which would move their potential deadline date to December 7th instead.

KBLM’s preliminary proxy for their June 5th vote (filed 5/8) stated a $0.025 per month contribution, but this is now amended to reflect $0.0225. This change means that should KBLM need the full six months, the total contribution is now $0.135, down from $0.15.

The record date is still May 15th, however, it should be noted that KBLM is requiring shareholders to vote either “for” or “against” the extension proposal in order to redeem. That means that only shareholders of record will be able to redeem for their pro rata per share portion of the trust.

 

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