This afternoon, MTech Acquisition Corp. (MTEC), announced that they have closed their business combination with MJ Freeway, LLC, a leading seed-to-sale regulatory compliance technology provider and developer of the cannabis industry’s first enterprise resource planning (ERP) platform. The combined company will form and be named Akerna Corp. (“Akerna”) and the shares of common stock and warrants of Akerna will begin trading on The Nasdaq tomorrow, June 18, 2019, under the symbols “KERN” and “KERNW,” respectively.
Additionally, MTech also filed the results of their shareholder vote with 65.24% of the total shares outstanding (as of the Record Date) participating. The vote to approve the merger was as follows:
| FOR | AGAINST | ABSTENTIONS |
| 4,641,442 | 205,350 | 1,278 |
However, as SPACs are sometimes wont to do, no details were given on the number of redemptions or at what price those shares were redeemed. As a result, we don’t know how much was left in trust post-vote. Although, we can probably infer that there were more redemptions than was comfortable or else the company would have included that information. Regardless, another SPAC crossed the finish line and we get to move a name from the “Announced” column to the “Completed” column.
However, as further evidence of a heavy amount of redeptions, if you were watching how MTEC traded this morning, you would have seen a bit of spike in the share price. MTEC’s share jumped from a previous close of $10.50 all the way to $14.69, at one point. It’s come down a bit since then and is currently trading around $11.98, but remember, low float stocks (post-vote) are volatile. Even small trading volumes can move the price dramatically, as we’ve seen with PHUN, ORGO and RBZ.
Pyrophyte Acquisition Corp. II (NYSE:PAII.U) announced the pricing of its $175 million IPO and its units are expected to begin trading on the NYSE under the symbol “PAII.U”, Thursday, July 17, 2025. The new SPAC plans to focus its search on companies within the energy sector that constitute critical links in the supply chain of the...
At the SPAC of Dawn Rare earth miner MP Materials (NYSE:MP) was one of the early winners of the 2020 SPAC boom, having picked up momentum following its 2020 deal with Fortress Value. But, the company’s news that it will become a major supplier of battery materials for Apple’s empire of electronic devices has sent...
Solarius Capital Acquisition Corp. (NASDAQ:SOCAU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “SOCAU”, Wednesday, July 16, 2025. The new SPAC plans to combine with a target in the asset management, wealth management or financial services industries. Solarius Capital’s management team...
Exciting new things are coming for SPACInsider subscribers, and some have already arrived! This summer, SPACInsider is unveiling the SPACInsider Alerts App on iOS with an Android launch soon to follow. The app allows subscribers to stay ahead of the SPAC market with real-time, customizable filing alerts with instant notifications landing the moment that a...
At the SPAC of Dawn Futures are largely green with the CPI reading coming up, and several SPACs and de-SPACs have cause to feel bullish regardless of what the reading states. Pharma and beauty company Longevity Health (NASDAQ:XAGE) announced it will acquire plasma collection firm True Health ahead of market open in news that has...