Modern Media Acquisition Corp. (MMDM), announced this morning that they are moving the date of their shareholder vote forward two days to June 14th, and are now asking for a three-month extension, not two months.
Originally, MMDM scheduled their special meeting to vote on their proposed business combination with Akazoo Ltd. for June 12th. However, since the new date is now the 14th, the deadline for shareholders to exercise the right to redeem has been changed as well. The new redemption deadline is June 12th (two days before the vote). Additionally, the extension proposal has been changed to reflect a new deadline of September 17th, instead of August 17th.
Modern Media’s previous press release stated that, “The parties currently anticipate that all conditions precedent to the consummation of the Business Transaction will be satisfied by July 15, 2019.” However, given that they are now asking for a three-month extension, that timeline looks unlikely.
As a reminder, Modern Media is not offering any additional contribution to trust to extend. However, there is a condition to closing that the trust account needs to have a minimum of $60 million at combination.
As to why they moved the meeting date (which is now on a Friday), perhaps because Friday news releases are not as widely followed. Especially during summer months when people tend to want skip out of work early. As a result, there is an entire weekend in between Friday and Monday and usually the hope is that shareholders forget about whatever it is you need to 8-K. Since Modern Media is not offering any contribution to trust for their extension, redemptions will probably be significant and that kind of news is generally not something companies enjoy releasing.
Terms Tracker for the Week Ending April 19, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Passover and school spring break starts next week, which most likely means a slowdown in SPAC filing activity. Although Churchill IX is now rumored to...
Despite a week of general pull-backs in the market, fintech firm Ibotta (NYSE:IBTA) nonetheless took the dive and had a good week debuting via a traditional IPO in the choppy waters. The company, which provides app-based consumer cashback discounts on purchases, priced its IPO at $88, above its proposed range of $76 to $84, and...
At the SPAC of Dawn Happy Friday! SPACInsider has unveiled new presets on SPAC Performance accessible via the Data drop-down to easily sort for the highest and lowest performing active SPACs and de-SPACs. On the de-SPAC side, Vertiv (NYSE:VRT) continues to be well ahead of the pack, logging a 710% return by share price adjusted...
AGBA (NASDAQ:AGBA) stock is up over +90% this morning following a +211% premarket spike on news it has signed a definitive agreement to combine with social streaming video platform Triller. AGBA, the company itself, was formed by the $555 million combination between a SPAC of the same name and TAG Companies, a financial services firm...
At the SPAC of Dawn Since closing its combination with DHC last month, AI customer engagement firm BEN (NASDAQ:BNAI) has rolled out new partnerships with call center and healthcare clients. And, while it faces a fair bit of competition in the chatbot realm, several high-profile institutions have demonstrated that creating one that provides useful services...