This afternoon, KBL Merger Co. IV (KBLM), released the details of their shareholder vote to approve their extension deadline to September 9, 2019, or December 9, 2019, if the Company has executed a definitive agreement. KBM previously released details on their LOI to combine with CannBioRx Life Sciences Corp. (“CannBioRx”), and their three key programs focused on treating inflammatory diseases. However, a definitive agreement with CannBioRx is still forthcoming.
Per the 8-K, 1,580,762 public shares exercised their right to redeem and as a result, approximately $16,476,233 was removed from the Trust Account. A total of approximately $49,933,473 will remain, however, starting today (and on the 7th of every month), the sponsors will be contributing $0.0225 per share to the Trust, or approximately $107,791.
KBLM now has until September 9th to sign a definitive agreement and close the combination, or extend further to December 9th with a definitive agreement on file.